MutualFundWire.com: A $789B Asset Manager Dodges "Deep Cuts" At Its Parent

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Tuesday, July 9, 2019

A $789B Asset Manager Dodges "Deep Cuts" At Its Parent

The parent of a publicly traded, multinational asset management giant is going through a restructuring, but the fund firm is apparently coming through the big changes unscathed.

Christian Sewing
Deutsche Bank
CEO

"This restructuring has no impact on DWS," a DWS Group spokeswoman told Pensions & Investments. She was referring to the "significant strategic transformation" outlined on Sunday by publicly traded Deutsche Bank, which owns 70 percent of DWS (which is also publicly traded).

Christian Sewing, CEO of Deutsche Bank, acknowledged via an open letter to the Deutsche Bank team that the restructuring will involve "making deep cuts" and "sizeable workforce reductions." Sewing also confirmed that Asoka Woehrmann will continue to lead Deutsche Bank's asset management business while reporting to president Karl von Rohr.

"This is a rebuilding which, in a way, also takes us back to our roots," Sewing wrote. "We are creating a bank that will be more profitable, leaner, more innovative and more resilient."

As of March 31, DWS had 704 billion euros (about $789 billion) in AUM; 27 percent of that comes from the Americas.

Printed from: MFWire.com/story.asp?s=59930

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