FRANKFURT (Reuters) - Deutsche Bank’s asset manager DWS is aiming to play an active role in the consolidation in Europe, Chief Executive Asoka Woehrmann said.
“(Our goal is) to actively seize opportunities for inorganic growth if they come up,” he told investors at DWS’ annual general meeting on Wednesday.
Only if there was a benefit for shareholders, a cultural fit and if a potential transaction was in line with DWS’ fiduciary activities would a deal be struck, he added.
Deutsche Bank has been in talks with UBS over a combination of their respective asset management operations, but negotiations stalled due to differences over who would control the combined entity.
French asset manager Amundi is also exploring a deal to merge its with DWS, aiming to take control, while Allianz has also been eyeing a potential transaction between its investment unit and DWS, people familiar with the matter have said.
Separately, Woehrmann told shareholders - Deutsche Bank owns 79% of the shares - that DWS is targeting an annual growth of net fund inflows of 3-5% and a cost-income ratio of below 65%.
Reporting by Andreas Framke; Writing by Arno Schuetze; Editing by Thomas Seythal