Those eagerly awaiting a particular giant bank's asset management partial IPO spinoff may have to wait a bit longer.
| Nicolas Moreau|
Head of Deutsche Asset Management
] planned IPO of its $846-billion-AUM asset management arm probably won't happen until the first half of 2018 at the earliest, unnamed sources tell Reuters'
Arno Schuetze and Simon Jessop. Perhaps Deutsche Bank CEO Jon Cryan
and Deutsche Asset Management chief Nicolas Moreau
are trying to improve the "equity story" for the unit, whose IPO could raise $2.3 billion, the wire service notes.
| John Cryan|
"The IPO story is not ready yet," one unnamed source tells Reuters
while opining that Deutsche needs to amp up its ETF business in particular. The publication notes Deutsche is the third-biggest ETF provider in Europe and the sixth biggest in the world.
"We are currently focused on creating a Deutsche AM business that is distinct from Deutsche Bank, in preparation for the planned partial IPO," a Deutsche spokesperson tells the wire service. "We expect to complete that process later this year. We have not yet started to present our equity story to investors."
Cryan has repeatedly insisted
that he wants to keep Deutsche AM as "an integral part of the group." As such, the Deutsche AM partial spinoff plan he revealed
in March of this year will still leave the bank holding what he calls a "controlling and super-majority stake" in Deutsche AM. Moreau reportedly said in June that the Deutsche AM business bundling and the distribution deals with the bank will all be finalized by October.
"We continue to make excellent progress with our IPO preparations and achieve notable milestones in our preparations," Moreau reportedly added
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now