Losing out: Cisco Systems yanked US5.7bil from Deutsche Bank AG’s asset management arm, DWS Group, in recent quarters as it repatriated profits. Cisco’s decision underscores the fierce competition among asset managers seeking to capitalise on President Donald Trump’s successful push to upend corporate tax rates. — Reuters
THE biggest US asset managers are going head-to-head to win a piece of a US$1.5 trillion corporate cash comeback.
That’s the sum companies are expected to bring onshore under the US tax overhaul passed last year, according to Invesco estimates. About US$400bil has already been repatriated, according to the firm.
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