Deutsche Asset Management, the funds subsidiary of Deutsche Bank which is gearing up for an independent listing, reported its first net inflows since 2015 this morning as its new chief executive declared the firm has "passed the bump in the road".

The €723 billion fund manager reported a net inflow of €5 billion for the three months ended March 31, which compared with a €12 billion outflow in the first quarter of 2016 and a €41 billion outflow for the whole of last year.