Deutsche Bank has asked banks to pitch for work on an initial public offering (IPO) of its asset management business that could raise around £1.7 billion, two people close to the matter said on Tuesday.
Reuters reports that the bank said in March it planned to list the asset management arm, which could achieve a total valuation of around 8 billion euros, within two years as part of a broader overhaul following costly lawsuits and trading scandals.
The requests to pitch for roles such as that of the global coordinator were sent out on Monday, the sources said, adding Deutsche Bank would likely act as the main organiser of the IPO itself but wants help to market the shares.
The bank will start meeting representatives of other investment banks in the coming days to hear their view on the business, which includes its mainstay DWS retail asset management brand, the sources said.
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