Converium, the Swiss reinsurer subject to a hostile takeover by French rival Scor, has appointed Deutsche Bank Asset Management to advise on around $5bn (€3.8bn) of its assets following an internal review of its portfolio.

DeAM said its Global Insurance Asset Management arm, the world's largest third-party manager of insurance portfolios, had entered into an agreement under which it will be adviser for all assets on Converium's balance sheet.