Deutsche Bank executives decided to pursue a sale of its asset management units after they were satisfied with early interest in the business, according to two people with knowledge of the matter.
More than two dozen bidders, including banks, private equity firms and asset managers, handed in preliminary offers last week, said the people, who declined to be identified because talks are private.
Some bidders valued all of the assets between €1.5 billion ($1.9 billion) and €2.5 billion, while others made offers for pieces of the business, the people said.
A selected group of potential buyers will be asked to submit second-round bids in February, one person said.
Deutsche Bank in November announced a strategic review of its global asset management division, excluding operations of the DWS mutual fund unit in Germany, Europe and Asia.
Christian Streckert, a Deutsche Bank spokesman, declined to comment.
The German lender would prefer to sell the businesses as a whole, though it will also consider bids for parts, the person said. Among the assets for sale are the U.S. portion of DWS mutual funds; RREEF; DB Advisors, which works for pension and sovereign wealth funds and endowments; and Deutsche Insurance Asset Management for insurers.