DWS Group, the money management unit of Deutsche Bank with €704 billion ($790 billion) in assets under management, will not be affected as a result of its parent company announcing a restructuring, a spokeswoman said Monday.
The €17 billion cost-cutting program, which will last until 2022, includes Deutsche Bank's exit from global equity sales and trading.
Deutsche Bank said in a statement Sunday it will focus on its corporate banking, financing, foreign exchange, origination and advisory, private banking, and asset management divisions.
"This restructuring has no impact on DWS," the spokeswoman said.
The German bank will create a new capital release unit to manage a wind-down of assets, it said in the statement. These assets and businesses represented €74 billion of risk-weighted assets and €288 billion of leveraged exposure as of Dec. 31.
The changes at Deutsche Bank do not affect the relationship with DWS or DWS' role as a fiduciary manager, a source close to the firm said.
