[Federal Register Volume 61, Number 37 (Friday, February 23, 1996)]
[Notices]
[Page 7004]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4051]



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FEDERAL RESERVE SYSTEM


Dresdner Bank AG; Notice to Engage in Certain Nonbanking 
Activities

    Dresdner Bank AG, Frankfurt, Germany (Dresdner), has provided 
notice pursuant to section 4(c)(8) of the Bank Holding Company Act (12 
U.S.C. 1843(c)(8)) (BHC Act) and section 225.23(a)(3) of the Board's 
Regulation Y (12 CFR 225.23(a)(3)), to acquire 100 percent of the 
voting interests in RCM Capital Management, California Limited 
Partnership (RCM Management), and RCM Capital Trust Company (RCM 
Trust), both of San Francisco, California, and thereby engage in the 
following nonbanking activities: providing investment and financial 
advisory services pursuant to 12 CFR 225.25(b)(4); performing functions 
or activities that may be performed by a trust company pursuant to 12 
CFR 225.25(b)(3); and providing certain administrative services to 
investment companies. These activities will be conducted worldwide.
    The Board previously has determined that these activities are 
closely related to banking. See 12 CFR 225.25(b)(3), and (4); Mellon 
Bank Corporation, 79 Fed. Res. Bull. 626 (1993) (providing 
administrative and other services to investment companies); Barclays 
PLC, 82 Fed. Res. Bull. 158 (1996) (providing advisory and 
administrative services to proprietary mutual funds). Dresdner would 
engage in these activities in accordance with the limitations and 
conditions established by the Board's regulations and orders. Dresdner 
also has proposed that RCM Management be permitted to purchase for its 
fiduciary accounts shares of investment companies that are advised and 
administered by RCM Management. The Board previously has issued 
proposed amendments to its interpretation regarding investment advisory 
activities (12 CFR 225.125(g)) that would permit such purchases, under 
certain circumstances. See 59 FR 67554 (December 30, 1994).
    In order to approve the proposal, the Board must determine that the 
proposed activities to be conducted by Dresdner ``can reasonably be 
expected to produce benefits to the public, such as greater 
convenience, increased competition, or gains in efficiency, that 
outweigh possible adverse effects, such as undue concentration of 
resources, decreased or unfair competition, conflicts of interests, or 
unsound banking practices.'' 12 U.S.C. 1843(c)(8). Dresdner believes 
that the proposal would produce public benefits that outweigh any 
potential adverse effects. In particular, Dresdner maintains that the 
proposal would not materially reduce competition in the relevant 
markets and would enable Dresdner to offer its customers a broader 
range of products. Dresdner also maintains that its proposal would not 
result in any adverse effects.
    In publishing the proposal for comment, the Board does not take a 
position on issues raised by the proposal. Notice of the proposal is 
published solely to seek the views of interested persons on the issues 
presented by the application and does not represent a determination by 
the Board that the proposal meets, or is likely to meet, the standards 
of the BHC Act. Any comments or requests for hearing should be 
submitted in writing and received by William W. Wiles, Secretary, Board 
of Governors of the Federal Reserve System, Washington, D.C. 20551, not 
later than March 8, 1996. Any request for a hearing on this application 
must, as required by Sec.  262.3(e) of the Board's Rules of Procedure 
(12 CFR 262.3(e)), be accompanied by a statement of the reasons why a 
written presentation would not suffice in lieu of a hearing, 
identifying specifically any questions of fact that are in dispute, 
summarizing the evidence that would be presented at a hearing, and 
indicating how the party commenting would be aggrieved by approval of 
the proposal.
    This application may be inspected at the offices of the Board of 
Governors or the Federal Reserve Bank of New York.

    Board of Governors of the Federal Reserve System, February 16, 
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-4051 Filed 2-22-96; 8:45 am]
BILLING CODE 6210-01-F