Deutsche Bank CEO John Cryan is shooting down rumors about the multinational bank possibly selling Deutsche Asset Management [profile].

John Cryan Deutsche Bank Co-Chief Executive Officer

Yesterday Cryan sent Deutsche Bank employees a letter, publicly available on the bank's website, to address the rumors. Bloomberg, Reuters, and the Trade all reported on the letter.

"Do not allow yourself to become distracted by speculation about alleged mergers or sales plans," Cryan writes. "There is one rumor in particular that I would like to dispel by making it unambiguously clear that Deutsche Asset Management is, and will remain, an essential part of our business model."

Under Cryan, Quintin Price had led Deutsche Asset Management globally before taking medical leave in April and then exiting completely in June. In October Axa veteran Nicholas Moreau will succeed Price on the bank's management board.

On this side of the pond, Jerry Miller stepped down earlier this year as head of the Americas for Deutsche Asset Management, and in June Bob Kendall was named to take Miller's place.

Deutsche Asset Management had 719 billion euros (about $808 billion) in AUM as of June 2016. 

Edited by: Neil Anderson, Managing Editor


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