FRANKFURT (Reuters) - Deutsche Bank’s asset management unit, which is aiming for a stock market flotation, recorded net asset inflows of 15.8 billion euros (£13.75 billion) in 2017, recovering from outflows the previous year, a bank presentation showed on Thursday.
In 2016, the unit saw nearly 40 billion euros in outflows as the bank struggled with legal fines in the United States. Last year marked a return to more normal times like in 2015, when inflows were 19 billion euros.
Germany’s largest lender last year announced plans to list a minority stake in the asset management business, which could achieve a total valuation of around 8 billion euros, under a broader overhaul that follows costly lawsuits and trading scandals.
Also in the presentation, Deutsche Bank (DBKGn.DE) said the asset management unit would convert to an AG, or normal stock corporation, from a KGaA when the bank’s ownership falls below 40 percent.
In December, the bank said the unit would assume the legal structure of a partnership limited by shares, or KGaA.
That structure ensures Deutsche Bank retains control of the unit even if its shareholding falls below the 75 percent needed to dominate normal German stock corporations.
Deutsche Bank is planning to rebrand its asset management arm as DWS, the name of its mainstay retail brand.
Reporting by Andreas Framke; Writing by Tom Sims; Editing by Douglas Busvine and Mark Potter