The Frankfurt-listed bank said its review will focus on recent regulatory changes and the associated cost rises that have affected this business and its growth prospects. Deutsche Bank said it is “committed to asset management” and its statement yesterday did not refer to a possible sale. Several media report headlines referred to such a possibility, however.

“All strategic options are being considered. The review covers all of the asset management division globally except for the DWS franchise in Germany, Europe and Asia, which the bank has already determined is a core part of its retail offering in those markets,” the bank said in a statement.

“The outcome of this review will be driven first and foremost by our fiduciary duty to, and the interests of, our clients. Our aim is to find the best strategic option to maximise the performance and potential of the asset management division,” Kevin Parker, global head of asset management and a member of the bank’s group executive committee, said in the statement.

Globally, Deutsche's asset management business had a total of 2,438 full time employees and €516 billion (around $698 billion) in assets under management, as of September.

In its third-quarter results issued on 25 October, Deutsche said asset management revenues fell by 7 per cent, or €32 million, hit by reduced asset-based fees and lower performance fees. The asset management unit of Deutsche is contained within the firm’s Asset and Wealth Management business. At the end of last year, AWM had a total of 2.25 million individual clients (source: 2010 annual report).