Deutsche Bank is preparing to buy a stake in the asset management business founded by former bankers from its Russian investment banking subsidiary, days after the German bank was hit by a series of senior departures from its Moscow office.

Moscow-based UFG Asset Management is set to sell a 40% stake in itself to Deutsche Bank by the end of the month, according to Russian business daily Kommersant. Deutsche Bank will also have the option to buy the remaining 60% interest.