After announcing in February that it had entered into exclusive negotiations with Guggenheim Partners over the sale of its asset management businesses, Deutsche Bank said Friday morning that talks are focusing on a potential sale of RREEF.
The two had negotiated around a wider range of businesses, including DWS Americas, DB Advisors and Deutsche Insurance Asset Management. Talks were spurred by a November 22, 2011 announcement from that bank that it would be undertaking a strategic review of its asset management businesses.
“The Bank and Guggenheim Partners mutually agreed to end exclusive negotiations about a potential sale of DWS Americas, the mutual fund business in the Americas; DB Advisors, the global institutional asset management business; and Deutsche Insurance Asset Management, the global insurance asset management business,” a Deutsche Bank statement read in part.
RREEF, which focuses on real estate investments, had $57.4 billion in assets under management as of December 31, 2011—$30.8 billion of which was in the Americas.
Follow Carl Gaines via RSS.