Deutsche Bank has entered exclusive negotiations with US investment manager Guggenheim Partners on the sale of the bank’s asset management business.
The businesses 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 which specialises in real estate and infrastructure.
Guggenheim, founded with backing from the Guggenheim family, has been competing with companies including Macquarie Group of Australia to buy the businesses, which have almost €400bn in assets under management.
Guggenheim Partners is a diversified financial services firm with significant expertise in institutional asset management serving the insurance and pension sectors, as well as in intermediary-focused investments through a range of mutual fund solutions.
The exclusive negotiations follow Deutsche Bank’s announcement in November that it would conduct a strategic review of its asset management division globally except for the DWS franchise in Germany, Europe and Asia.
bridget.oconnell@estatesgazette.com
