Deutsche Bank on Wednesday announced its exclusive talks with Guggenheim Partners over a potential sale of its RREEF Alternatives business have ended without a deal.
In a news release, Deutsche Bank said both sides mutually agreed to end talks about RREEF. The decision ends the bank's strategic review of its global asset management division, which began in November.
A 100-day review of all Deutsche Bank businesses, begun in June, will conclude in early September, at which point, the bank will provide a “further update on its asset and wealth management division,” according to the statement.
Mayura Hooper, a spokeswoman for Deutsche Bank, declined to provide further details regarding the sticking points of the negotiations. Guggenheim spokeswoman Michelle Lee also declined to comment.
Deutsche had announced June 11 that it was in exclusive RREEF talks with Guggenheim.
The latest talks with Guggenheim constituted a second round of exclusive talks between the two companies. Roughly three months after the German bank put a $540 billion chunk of its asset management businesses in play, Deutsche announced on Feb. 28 that it would narrow its talks on that broad book of businesses to Guggenheim.
The businesses for which Deutsche Bank entertained bids in that first round of talks were Deutsche Insurance Asset Management; DB Advisors, its institutional arm; RREEF Alternatives, which largely manages real estate investments; and DWS Investments Americas, its U.S. mutual fund arm.
