November 11, 2017 / 3:50 PM / in a year

Deutsche Bank picks asset-management IPO bookrunners -source

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has selected Barclays BARC., Citigroup (C.N) and Credit Suisse CSGN. as senior bookrunners for the initial public offering (IPO) of its asset-management arm, a source familiar with the matter told Reuters on Saturday.

FILE PHOTO : Logos of Deutsche Bank AG are seen in Tokyo July 16, 2014. REUTERS/Toru Hanai/File Photo

A spokesman for Deutsche Asset Management declined to comment on the selection of bookrunners, which was first reported on Friday by Bloomberg.

Deutsche Bank, which will be the main bookrunner, said in March it planned to list the asset management arm, which could achieve a total valuation of around 8 billion euros (7.07 billion pounds), within two years as part of an overhaul following costly lawsuits and trading scandals.

It is expected to raise about 2 billion euros from listing about a quarter of the business.

The junior bookrunners helping to market the IPO to investors will be BNP Paribas (BNPP.PA), Unicredit (CRDI.MI), UBS (UBSG.S), Morgan Stanley (MS.N) and ING (INGA.AS).

“The decision in favour of these banks has already been taken,” the person said.

Reporting by Andreas Framke; Editing by Georgina Prodhan and Alexander Smith

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