Deutsche Bank early Tuesday announced it is in “exclusive negotiations” with Guggenheim Partners on the sale of its global institutional asset management business, its insurance asset management operation, its RREEF global alternatives business and its Americas retail business.
That effectively makes Guggenheim Partners the last man standing in a process that has remained in the M&A spotlight since Deutsche Bank's announcement on Nov. 22 that it would conduct a strategic review of segments of its asset management business.
Other bidders cited by investment bankers in recent months included Macquarie Group, Ameriprise Financial and Power Financial.
The review didn't include Deutsche Bank's retail operations in Europe and Asia, which the company “has already determined to be a core part of its retail offering in those markets,” said the German bank's announcement.
In an e-mailed statement, Guggenheim Partners stressed that while no final agreement has been reached, “We are pleased to enter into exclusive negotiations with Deutsche Bank and believe its asset management businesses represent an attractive opportunity for Guggenheim to leverage our expertise.”
Asked when a final agreement could come, Mayura Hooper, spokeswoman for Deutsche, said “we cannot provide you with any further details at this point.”
