Several asset managers including UBS have been studying a tie-up with DWS Group.
Wednesday 24, April 2019
(Bloomberg) --The asset-management units of Deutsche Bank and UBS Group are in serious talks to merge.
Discussions about a deal have been ongoing for a couple of months and one structure being considered is for UBS to split off its asset-management unit and fold it into Deutsche Bank’s DWS Group in exchange for shares in the larger group.
DWS is considering partnering with other managers in a way that would leave control with Deutsche Bank while boosting assets under management.
Asoka Woehrmann, DWS’s Chief Executive Officer, who was appointed in October has accelerated cost cutting as he tries to stem four consecutive quarters of client money flowing out of the company.
DWS had EUR 662 billion ($742 billion) in assets under management at the end of 2018, while UBS had $781 billion.