The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Cryan Wants to Keep Asset Management As An Integral Part of Deutsche Bank Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 1, 2016

Cryan Wants to Keep Asset Management As An Integral Part of Deutsche Bank

News summary by MFWire's editors

Jon Cryan's new asset management chief at Deutsche Bank [profile] needs more time to evaluate the business, so stop bugging him with spinoff rumors already!

On Thursday (October 27) on Deutsche's Q3 2016 earnings call with analysts (see Seeking Alpha's transcript), Jon Peace of Credit Suisse asked Cryan (CEO of all of Deutsche Bank) to "comment on recent press stories about possible partial flotation of Deutsche Asset Management." Cryan pointed to Nicolas Moreau, who joined Deutsche at the beginning of October to lead asset management:

Nicolas Moreau
Head of Asset Management
We've asked him to review the business. And he will be coming back to the board recommending his views ... We've asked him to look at the individual constituent businesses and come up with a capital allocation plan for it.

Cryan's remarks somewhat echo his open letter to employees on September in which he shot down rumors about selling off asset management. Yet for those still wondering about a Deutsche Asset Management spinoff or IPO, Cryan's tone now seems to be a bit more measured:

As I've said many times before, we like asset management a lot ... It's a great contributor to the profits and the cash flow of the bank. And we'd like to keep it an integral part of the group. That's not to say we don't manage it actively and that's Nicolas' job. But we'd like to give him a little longer than 27 days in which to come up with his plans to how we take the business forward. But it's important for us as part of the group, and we want to keep it as an integral part of the group.

So, Cryan really doesn't want to sell it, but he wants to wait and see what Moreau has to say about it all. 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use