Deutsche Bank is considering a partial IPO of its asset management unit as part of an overhaul, sources report. Analysts estimate the asset management’s value at about $8.6 billion. However, prior to such a move, the unit would seek to get its main registration moved to Luxembourg, which has clear tax and regulation advantages.

The bank is expected to present a strategy update to investors in spring and after international banking supervisors reach a deal on new bank capital rules. Germany's biggest bank last week finalized a $7.2 billion U.S. settlement over the mortgage securities that soured in the 2008 financial crisis, giving it breathing space to refine its strategy.

The unit posted a 7% rise in pretax profit to $590 million in the first 9 months of 2016, and had $768 billion in assets under management as of September 2016.

The asset management unit has been touted as a potential divestment target at various times in the past. However, Deutsche Bank has always said that it would not shed the business.