In an internal memo sent on September 8, seen by FN, Cryan wrote: “There is one rumour in particular that I would like to dispel by making it unambiguously clear that Deutsche Asset Management is and will remain an essential part of our business model.”
According to a person familiar with the matter, the note was sent in response to an August 31 article by The Wall Street Journal into Deutsche Bank’s strategic direction. In its report, the WSJ cited people familiar with the bank as saying small parts of the asset management unit could be put up for sale.
The person familiar with the matter said the memo was “a clear signal from Cryan that the business is not for sale,” and added there was no question of any serious chunk of the asset management arm being disposed of. However, the person didn’t rule out minor sales.
The unit has already undergone some restructuring since Cryan took the reins at Deutsche Bank in June 2015. In October of that year, the bank took the decision to split its asset and wealth management businesses, with Deutsche Asset Management established as a purely institutional business line.
The unit has offices around the world, with major hubs in Asia, Europe and North America, and as well as a range of traditional mutual funds across all asset classes, also houses the bank’s x-trackers ETF arm.
The Wall Street Journal reported in June that asset management had generated €3.3 billion in revenues in 2015 – the least of the group’s main business divisions.