DWS Group and Deutsche Bank are teaming up on private credit, with the asset manager gaining preferred access to certain deals originated by its parent company.
The agreement will also see Deutsche Bank’s Patrick Connors, European head of global credit financing and solutions, move to DWS as global head of private credit — a new position, according a spokesperson. He reports to CEO Stefan Hoops.
DWS will have preferred access to certain asset-backed finance, direct lending and other private credit asset opportunities that Deutsche Bank originates, a news release said. The arrangement will bring additional private credit investment opportunities to DWS’ global client base, combining its €110 billion ($119.6 billion) alternatives platform’s investment expertise with Deutsche Bank’s sourcing and origination capabilities, fixed-income market access, liquidity provision and financing capabilities.
“Private credit is a key offering for our clients who are looking for exposure to real-economy investments,” Hoops said in the news release. “Origination is the main differentiator for alternative asset managers, especially for asset-based finance which requires very different origination channels than direct lending. Combining Deutsche Bank’s extensive and established origination expertise and wide range of real economy relationships, with DWS’ 50 years of experience in managing alternatives is a logical step.”
DWS has a total of €1 trillion in assets under management.
