Deutsche Bank has confirmed it is to rebrand its asset management business.
The unit has been known as Deutsche Asset Management and had been one of the most consistently profitable units of the bank, according to our sister newspaper the Financial Times.
The new company, to be known as DWS, and will float on the stock market next year.
Deutsche will retain a minority stake in the business.
The new company will float as a partnership limited by shares, Deutsche Bank said at its capital markets day in London yesterday (5 December).
This means the rights of minority shareholders are likely to more limited than in a conventional float.
The business unit manages £627bn of assets.
david.thorpe@ft.com
