The partial initial public offering of Deutsche Bank's asset management arm is expected to take place at some point over the next two years.

Deutsche Bank is making headway in its planned partial initial public offering of its asset management arm, according to a memo seen by this publication. 

Germany's biggest bank announced its plans for a partial IPO of the unit in March as part of a broader strategy to recover from financial blows dealt by law suits and trading scandals. 

In a memo sent to staff seen by this publication, Nicolas Moreau, a board member who oversees Deutsche Asset Management, said that Swiss watchdog FINMA had approved the establishment of Deutsche Asset Management (Schweiz).

The new entity encompasses the existing Swiss asset management operations formerly part of Deutsche Bank (Suisse). 

Deutsche Bank chief executive, John Cryan, had previously said the bank would maintain a “controlling and super-majority stake” in the business.

The partial IPO will take place within the next two years, Deutsche Bank has said, and could raise more than $2 billion. 

Deutsche Asset Management has more than €700 billion ($797.1 billion) invested worldwide.