Deutsche Bank has confirmed plans to offload shares in its DWS asset management arm in the “earliest available window”.
The German lender first revealed plans to float its asset management unit in March 2017.
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It said that it will offer existing shares in the IPO, but did not disclose the size of the stake it plans to float or how much it intends to raise from the move.
However, as per media reports, the bank will dispose a stake of 25% for €1.5bn to €2bn.
DWS CEO Nicolas Moreau said: “The planned IPO will give us the opportunity to unlock the full potential of DWS for clients and employees, while targeting attractive returns for our shareholders.”
DWS manages around $700bn in client funds and has employees across 22 countries worldwide.
The asset manager and Deutsche Bank have signed a 10-year distribution agreement, as well as a master service agreement covering certain administrative services.
“We have a strong and scalable operating platform, and see early successes in our digital strategy. We are convinced that the planned IPO will act as a catalyst to support our strategy and deliver shareholder value,” Moreau added.
