Head Of Related Looking To Buy Banks, Shifts Focus (DB)

"To be a real estate developer in this market today is oxymoronic. There won't be any large development projects, particularly in the US, for years so we are shifting to a fund management strategy and taking over and executing on others' developments." Mr. Ross, Head of New York-based Related Companies told the Financial Times.

The financial crisis was the major reason for shifting focus, and looking for investments in distressed assets, and even banks. Ross along with two other Related executives raised $1.1 billion, which will be utilized to buy a bank with a secured a bank charter.

A person related to the deal from Deutsche Bank (NYSE: DB) said that there has been overwhelming investor interest since they are being viewed as A-plus sponsor.