Deutsche Bank in talks to sell asset management business
2012-02-29 12:50:25
Deutsche Bank said on Tuesday it was in "exclusive negotiations" with US-based Guggenheim Partners over the sale of its asset management operations.
Deutsche Bank "is in exclusive negotiations with Guggenheim Partners on the
sale of its asset management businesses under strategic review," Germany's biggest lender said in a statement.
The businesses included DWS Americas; DB Advisors; Deutsche Insurance Asset Management; and RREEF, the global alternative asset management business.
It would not, however, cover the DWS franchise in Germany, Europe and Asia, which Deutsche Bank sees as a core part of its retail banking operations in those markets.
Guggenheim Partners, with headquarters in New York and Chicago, is a privately held financial services firm with more than US$125 billion (92.8 billion euros) in assets under management, Deutsche Bank said.
It provides asset management, investment banking and capital markets services, insurance, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals.
It has more than 25 offices in 10 countries.