October 25, 2017 / 4:53 PM / a year ago

Deutsche Bank to bolster asset management with Sal. Oppenheim ops: source

FILE PHOTO: The headquarters of Germany's Deutsche Bank is seen early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) plans to integrate parts of its Sal. Oppenheim subsidiary into its asset management division ahead of that division’s planned spin-off, a person familiar with the matter told Reuters.

German daily Handelsblatt reported earlier that 40 to 50 staff from Sal. Oppenheim’s institutional client business would switch to Deutsche Asset Management.

Deutsche Bank declined to comment.

Sources told Reuters last week that Deutsche Bank has asked banks to pitch for work on an initial public offering (IPO) of its asset management business that could raise around 2 billion euros ($2.4 billion).

($1 = 0.8472 euros)

Reporting by Andreas Framke and Hans Seidenstuecker; Writing by Maria Sheahan; Editing by Kathrin Jones and Mark Potter

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