Deutsche Bank AG (DBK.XE) said Tuesday that its asset management unit, Deutsche Asset Management, will introduce DWS as a global umbrella brand. It will also change its legal structure to ensure the unit operates independently of the parent.
The rebranding of all units and product lines of Deutsche Asset Management will be completed in 2018 and the new legal structure, with the corporate designation GmbH & Co. KGaA, will be implemented in the first quarter of 2018, Deutsche Bank said.
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The corporate designation is equivalent to a publicly traded partnership with a limited company as the general partner.
The bank also announced a new governance structure and management team for the new legal entity.
Deutsche Bank didn't provide any details on the planned initial public offering of the asset management business. It had earlier announced plans to list a minority stake in the business by 2019.
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
December 05, 2017 04:17 ET (09:17 GMT)