Deutsche Bank and Guggenheim Partners have ended negotiations on the potential sale of RREEF, Deutsche Bank's global alternative asset management business, after failing to reach an agreement.
Deutsche Bank and Guggenheim Partners have ended negotiations on the potential sale of RREEF, Deutsche Bank's global alternative asset management business, after failing to reach an agreement.
'The parties were unable to agree on terms for the sale of the business and mutually agreed to end exclusive negotiations,' Deutsche Bank said. RREEF Real Estate, with around EUR 47 bn of assets under management, was expected to be sold for between EUR 1 and 1.5 bn. Deutsche Bank had been in talks with Guggenheim since February this year.
The German bank also announced that the strategic review of its global asset management division has concluded. 'The bank will make a further update on its Asset & Wealth Management division as part of its commitment to communicate a long-term, Bank-wide strategy in September,' it added.
Deutsche Bank announced back in November that it was conducting a strategic review of its global asset management business - which includes RREEF Real Estate - sparking speculation in the industry that RREEF Real Estate could be put up for sale. RREEF Real Estate had EUR 43.6 bn of assets under management as of 30 September 2011.
