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Deutsche Bank to float asset management unit soon


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Deutsche Bank to float asset management unit soon

Deutsche Bank AG said it intends to proceed with an IPO of asset management unit DWS on the Frankfurt Stock Exchange "in the earliest available window, subject to market conditions."

The offering is expected to consist purely of existing shares held by DWS' sole shareholder, DB Beteiligungs Holding GmbH, which is a 100% subsidiary of Deutsche Bank. Sources previously told Reuters that the lender plans to list 25% of DWS' existing shares in the week of March 19 for an expected €1.5 billion to €2 billion.

Deutsche Bank said it will remain "an important long-term distribution partner for DWS" after the separation. DWS will operate in the form of a KGaA legal structure, or a partnership limited by shares, and will have a 12-member supervisory board to be chaired by Karl von Rohr, currently chief administrative officer at Deutsche Bank.

DWS, which had approximately €700 billion of AUM as of 2017-end, said its medium-term targets include net inflows of 3% to 5% of opening AUM per year, an adjusted cost-to-income ratio of less than 65% and a dividend payout ratio of 65% to 75% of net income.

Deutsche Bank is acting as sole global coordinator and book runner in the planned IPO. Barclays, Citi, Credit Suisse, BNP Paribas, ING, Morgan Stanley, UBS and UniCredit are acting as joint book runners, while Commerzbank, Daiwa, Banca IMI, Nordea and Santander are serving as co-lead managers.