Reuters - Deutsche making progess on asset management IPO

Deutsche Bank said that it is making progress in its planned partial initial public offering (IPO) of its asset management unit, according to a recent memo to staff.

Reuters reports that the bank announced its plans for a partial IPO of the unit in March as part of a broader restructuring of the bank reeling from law suits and trading scandals.

Nicolas Moreau, a board member who oversees Deutsche Asset Management, said in an email to staff seen by Reuters, that Swiss regulator FINMA had approved the establishment of Deutsche Asset Management (Schweiz) AG.

The new entity incorporates the existing Swiss asset management activities formerly part of Deutsche Bank (Suisse) S.A.

"We continue to make excellent progress with our IPO preparations and achieve notable milestones in our preparations," Moreau said in the note.

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Deutsche Bank sees progress toward IPO of asset management arm: memo

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