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* Buys whole of Deutsche UFG Capital Management
* Already owned a 40 percent stake
* Company has 370 mln euros under management
By Megan Davies
Nov 11 (Reuters) - Deutsche Bank is increasing its presence in Russia with a deal to buy Deutsche UFG Capital Management, an asset management business with about 370 million euros ($505 million) of assets that Deutsche already has a 40 percent stake in.
Deutsche, Germany's flagship lender, said the deal would strengthen its position in Russia and give its clients better access to investments in the country -- which is forecast by the government to increase its GDP at 4.1 percent this year and 3.7 percent in 2012.
Russia is a "market we see growing over the long term," Igor Lojevsky, Deutsche Bank Russia's Chief Country Officer said in a statement.
Under the deal Deutsche will buy the 60 percent stake it does not already own from parent UFG Asset Management.
It bought the initial 40 percent stake in 2008.
UFG Asset Management manages nearly $1.7 billion of assets and consists of five businesses - the other four are private equity, public markets funds, real estate and wealth management. Deutsche is only buying the capital management unit.
Florian Fenner, chairman of Deutsche UFG Capital Management, will remain in his role.
Deutsche already has significant operations in Russia through its Deutsche Bank Russia subsidiary. Financial terms of Friday's deal were not disclosed. (Reporting By Megan Davies; Editing by John Bowker and Greg Mahlich)