Deutsche Bank opts for Barclays, Citigroup and Credit Suisse to be senior bookrunners on its asset management arm IPO, Reuters reports

Deutsche Bank has chosen Credit Suisse, Barclays and Citigroup to be the senior bookrunners for the flotation of its asset management unit, according to reports.

A source close to the matter told Reuters Deutsche Bank had selected the heavyweight lenders to assist the initial public offering, though a spokesman for Deutsche Asset Management declined to comment. The selection of the banks was first reported by Bloomberg yesterday.

Deutsche Bank will be the main bookrunner on the initial public offering, which it announced in March. Its asset management arm is expected to raise around €2bn (£.18bn) from listing around a quarter of the business.

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The listing is part of a wider overhaul aimed at bolstering its capital following a multi-billion dollar settlement with the US government over alleged mis-selling of mortgage-backed securities.

The junior bookrunners helping to market the float to investors will be UBS, Morgan Stanley, BNP Paribas, Unicredit and ING.

Earlier this year, Deutsche Bank announced plans to expand its wealth management operation in London.

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