The group has created independent wealth management units for Western Europe, Eastern Europe and the Middle East. This will come with 500 layoffs among the 23,000 worldwide wealth management employees.
While the €3.3trn German asset management landscape is dominated by a handful of gigantesque local players – DWS, Allianz GI, Union Investment and Deka Bank – mid-scale and boutique AM firms are performing well too.

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