Deutsche Bank announces listing of asset management arm DWS
It would only sell existing shares held indirectly by Deutsche Bank and does not plan to issue new ones. The Frankfurt-based banking conglomerate did not say how large a stake it plans to sell of DWS or at what price, though the announcement follows reports that Deutsche Bank was interested in selling one-fourth of DWS' shares.
The IPO would likely take place in the week of March 19, the sources said, and had been brought forward hoping to lock in stock market valuations ahead of any correction.
Deutsche Bank chief executive John Cryan in November a year ago said that he aims to complete the offering by the end of the first quarter, but a recent spike in market volatility stoked broader stoked concerns that IPOs and other investment banking activities might get delayed.
It has professionals across 22 countries worldwide, including Germany where it has a 26.3% market share of the retail market.
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Meanwhile, the Deutsche Bank distribution channel contributes 12% of current AUM for DWS, and a ten-year distribution agreement has been signed for after the IPO.
Germany's biggest bank did not specify a date, but it said it would be coordinating the initial public offering. Deutsche is expected to raise €2bn from the listing.
The asset management unit said the planned IPO will enhance the external profile of DWS, while it will have a new compensation framework that "better aligns remuneration to the needs and performance of the asset management business and that will provide DWS with increased capacity to attract and retain talent".
In December, when Deutsche announced the rebranding of the unit, it offered 600 investment funds targeting fee margins in excess of 30 basis points. "DWS's clients, employees, as well as its shareholders, including Deutsche Bank, will stand to benefit".
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