Deutsche Bank, Guggenheim in 'exclusive' talks over asset management business
GLOBAL - Guggenheim Partners is interested in buying "the whole package" of Deutsche Bank's asset management businesses, which are currently under review.
Last November, Deutsche Bank announced that it was reviewing the major part of its asset management divisions except for the retail DWS franchise in Europe, Germany and Asia.
The other parts of the asset management business are now up for sale, including DWS Americas, the Americas mutual fund business; DB Advisors, the global institutional asset management business; Deutsche Insurance Asset Management, the global insurance asset management business; and RREEF, the global alternative asset management business.
A spokesman at Deutsche Bank told IPE the bank had now entered "exclusive negotiations" with Guggenheim Partners.
He also confirmed that the US-headquartered financial services firm, which has approximately $125bn (€93bn) in assets under management, was interested in "the whole package".
The asset management businesses currently under review at Deutsche Bank manage around €400bn in assets.