Deutsche Bank, UBS Asset Units in 'Serious' Merger Talks: FT
(Bloomberg) -- The asset-management units of Deutsche Bank AG and UBS Group AG are in “serious” talks to merge, the Financial Times reported Tuesday, citing people familiar with the matter it didn’t identify.
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, according to the report. Deutsche Bank would remain the largest shareholder, the report said.
Representatives for UBS and DWS declined to comment on the Financial Times report.
DWS Chief Executive Officer Asoka Woehrmann, 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. He’s also conducting a review of the business, people familiar with the matter have said.
DWS had 662 billion euros ($742 billion) in assets under management at the end of 2018, while UBS had $781 billion.
©2019 Bloomberg L.P.