Deutsche and Guggenheim in exclusive sale talks
Deutsche Bank has confirmed it is in exclusive talks with diversified US group Guggenheim Partners to buy the asset management businesses Germany’s largest bank put under strategic review back in late November.
The businesses involved include 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.
Deutsche noted Guggenheim Partners was well diversified with “significant expertise” in institutional asset management for insurers and pension schemes, as well as intermediaries via mutual funds.
Excluded from the review, and therfore from any eventual sale, are the DWS franchise in Germany, Europe and Asia, which Germany’s largest bank already determined to be “a core part of its retail offering in those markets”.