Germany's largest bank continues to move towards a separation of its asset management business from the rest of the group.

Deutsche Bank's strategy of splitting off its asset management arm into a separate business is proceeding as planned and this will involve shifting existing employees to a new entity, this publication can confirm.

In March this year the Frankfurt-listed banking group announced it will restructure its business model, including a partial IPO of the asset management arm within two years.

A report in German publication Handelsblatt said that as part of the separation process in anticipation of the partial IPO existing approximate number of 1,500 staff working for the asset management business from central functions will need to change their employer in legal terms and go from being employees of Deutsche Bank to Deutsche Asset Management.

Wealth management remains a function of the banking group, this publication understands.