Deutsche Bank announced the main underwriters for the flotation of its asset management unit. One major bank was given a lesser role.

Citing a source close to the matter, news agency Reuters reports Deutsche has selected heavyweight lenders Credit Suisse, Barclays and Citigroup to be the senior bookrunners. The junior bookrunners helping to market the float to investors will be UBS, Morgan Stanley, BNP Paribas, Unicredit and ING.

Deutsche Bank will be the main bookrunner on the initial public offering (IPO) which it announced in March. The asset management arm is expected to raise in the region of  2 billion Euros from listing around twenty five percent of the business.

Was UBS Shunned?

The listing is part of a wider revamp aimed at bolstering its capital following a multi-billion dollar settlement with the U.S. government over alleged mis-selling of mortgage-backed securities.

Deutsche CEO John Cryan is thought to still be angry at the poaching by UBS of Ravi Raju and Anurag Mahesh, prominent Asia private bankers, last year and frozen out his former employer as a sort of reprisal.