DWS and UBS Asset Management are reportedly in talks to merge, creating a business with over €780bn assets under management.
Profitable DWS, the former Deutsche Asset Management, is widely-regarded as the jewel in Deutsche Bank’s crown. It has been in play, on and off, since the financial crisis, and as recently as March was said to be a target of Allianz.
An attempt to sell it in 2012 to Guggenheim Partners for €1.4 bn collapsed.
The business now has a market cap of about €6 bn valuing Deutsche Bank’s 78% stake at €4.8 bn.
The property division is headed in Europe by Georg Allendorf who is stepping down in July to be succeeded by current chief investment officer Clemens Schaefer. Allendorf is staying on in a number of advisory roles.
He reports to co-head of DWS, Pierre Cherki.
UBS recently hired experienced hand Joe Azelby to head its real estate and private markets business (REPM). Azelby held senior positions in real estate at JP Morgan Asset Management and Apollo Global Management, and will continue to be based in New York. He is expected to make UK and European real estate expansion a priority.
He reports to Ulrich Koerner, president of UBS Asset Management and UBS Group EMEA.
Deutsche Bank has just announced the end of talks to merge with German rival Commerzbank.
