The Stock market flotation of Deutsche Bank Asset Management says : according to Reuters, the German bank, which had indicated in march of this scoring project in the context of its extensive restructuring plan, began to canvass Monday other institutions to assist in the marketing of this big operation. The subsidiary of asset management for Deutsche Bank, directed by the French Nicolas Moreau, boasts a 711 billion euros of assets under management and the number one ranking in Germany. In passive management and index funds-traded (ETF), it would be number two in Europe and fifth worldwide ($107 billion).
The boss of Deutsche Bank, John Cryan, had assured him that the bank would retain “a participation of control and super-majority” in its subsidiary. Deutsche Bank expected to sell 25% of the capital and thus recover some 2 billion euros in this operation, initially planned in the fall and until the first half of 2018.
Market concentration
Unless a potential buyer is this, in a market concentration. In autumn 2015, the introduction to the Paris stock Exchange and Amundi, the european asset management, had returned 1.7 billion for Agricultural Credit. Amundi has acquired the Italian Pioneer to 3.5 billion euros, redemption funded in part by a capital increase.
The (many) banks which have helped Deutsche Bank to raise 8.5 billion euros in February would be well placed to participate in this new operation : among the levels of the order book, were Credit Suisse, Barclays and Goldman Sachs, but also the French BNP, Crédit Agricole, Natixis and Société Générale. This capital increase giant was back on track after a fall of eventful : the price of Deutsche Bank had collapsed on the rumours of the record fine imposed by the us authorities for its actions during the subprime mortgage crisis.
(with Reuters)
