"All strategic options are being considered," Germany's biggest lender said of the division, which has already been the focus of restructuring efforts and job cuts in the past. The review was part of Deutsche's drive to be among the market leaders in each of its businesses, Deutsche said in a statement. The review would take in Deutsche's institutional investors business DB Advisers, its alternative assets business RREEF as well as Deutsche's insurance asset management business. Not included in the review is Private Wealth Management or the DWS franchises in Germany, Europe and Asia, which are seen as part of the bank's retail palette. "This is not a strategic shift," a person close to the company said. Deutsche's asset management operations, led by Kevin Parker, earned pre-tax profit of 117 million euros ($157 million) in the third quarter, mainly driven by DWS. The operations have about 516 billion euros in assets under management and have not been a major money spinner for the bank in recent years. "The strategic review of the asset management division is focusing in particular on how recent regulatory changes and associated costs and changes in the competitive landscape are impacting the business and its growth prospects on a bank platform," Tuesday's statement said.