The biggest U.S. asset managers are going head-to-head to win apiece of a $1.5 trillion corporate cash comeback.
That's the sum companies are expected to bring onshore under theU.S. tax overhaul passed last year, accordingto Invesco estimates. About $400 billion has already beenrepatriated, according to the firm.
Overseas, at least one major asset manager is losing out as aresult of the changes. Cisco Systems Inc. yanked 5 billion euros($5.7 billion) from Deutsche Bank AG's asset management arm, DWSGroup, in recent quarters as it repatriated profits. The lossamounted to 40 percent of Deutsche Bank's outflows in the firsthalf of the year.
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