Deutsche Bank’s asset management unit has unveiled a push in the Middle East after striking its first acquisition since its initial public offering earlier this year.
DWS Group has entered into a binding agreement to acquire an equity stake of 15% in Dubai-based Neo Technologies, which provides technology and consulting services to businesses developing digital asset management services.
Under the agreement, DWS Group – which had US$788bn of assets under management as of the end of September and Neo said they will form a partnership to collaborate on the development and expansion of digital asset management services in the Middle East and North Africa region.
“NEO Technologies enables DWS to obtain further presence in a region with high growth rates in asset management,” Thorsten Michalik, co-head of DWS’ global coverage group, says.
DWS, previously Deutsche Asset Management, floated on the Frankfurt stock exchange in March, raising €1.4bn (US$1.6bn) of cash for its parent, which retained a 77.5% stake.
The acquisition comes just days after DWS reshuffled its senior management, replacing CEO Nicolas Moureau with Asoka Woehrmann, a long-time ally of Deutsche Bank CEO Christian Sewing.