DWS and Deutsche Bank have launched a strategic cooperation to develop private credit origination and investment opportunities for DWS clients across the private credit space.
DWS, Deutsche Bank’s asset management arm, will have preferred access to certain asset-based finance, direct lending and other private credit asset opportunities originated by its parent, according to a joint statement.
The cooperation enables DWS to leverage Deutsche Bank’s extensive sourcing and origination capabilities to provide additional private credit investment opportunities to its global client base, the statement added.
Patrick Connors will move to DWS from his current role as European head of the global credit financing and solutions business at Deutsche Bank to become global head of private credit at DWS. He will report to CEO Stefan Hoops.
Connors has over two decades of experience in the private financing and credit markets and has a very broad range of expertise across all areas of the private credit market particularly in asset-based finance.
Hoops commented: “Private Credit is a key offering for our clients who are looking for exposure to real-economy investments. 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’s 50 years of experience in managing Alternatives is a logical step.”
Ram Nayak, co-head of investment banking & global head of fixed income & currencies at Deutsche Bank, added: “Investor demand for private credit assets is strong and we have a market leading financing business with a long track record in private credit origination across all asset classes going back more than two decades.”
“With over EUR 1rn ($1.08trn) of assets under management and a global distribution network, as well as close ties to Deutsche Bank, DWS is the ideal partner to leverage our expertise, delivering our offering to their clients.”
