Update: Deutsche Bank values asset management unit at €7.2bn ahead of IPO

Employs around 3,800 staff

Deutsche Bank has valued its asset management division DWS at €7.2bn ahead of its planned initial public offering (IPO).

Shares in DWS will be offered on the Frankfurt Stock Exchange in the earliest available window, subject to market conditions. The planned IPO is expected to consist purely of the sale of existing shares indirectly held by Deutsche Bank, so no new shares would be sold. Deutsche Bank said ‍Nippon Life Insurance Company had agreed to acquire a 5% stake in DWS at the issue price as an anchor investor, with the two firms also agreeing a five-year strategic partnership that will see additional assets under management brought under the DWS name. Nippon Life will be represented on DWS's super...