Deutsche Bank AG (DBK), Germany’s biggest bank, said talks to sell asset-management businesses to U.S. money manager Guggenheim Partners LLC are going as planned.
“Exclusive negotiations with Guggenheim are on track,” spokesman Klaus Winker said by telephone today in Frankfurt. He declined to comment further. Guggenheim spokeswoman Michelle Lee declined to comment.
Deutsche Bank in February chose Guggenheim Partners as the potential buyer for its DWS mutual funds in the Americas, the advisory units for institutional investors and insurance firms, and its RREEF real-estate and infrastructure division.
Guggenheim Partners would more than quintuple its assets under management with a purchase of the businesses, which oversee almost 400 billion euros ($533 billion).
The Frankfurt-based lender announced late last year it was reviewing the units, which may fetch 1.5 billion euros, people with knowledge of the talks said in February. The bank plans to keep its DWS mutual-fund businesses in Europe and Asia.
Guggenheim, which is based in New York and Chicago and was founded with backing from the Guggenheim family, manages more than $125 billion of assets. The U.S. firm has about 1,700 employees at more than 25 offices in 10 countries, and is led by Chief Executive Officer Mark R. Walter, according to its website.
Reuters reported earlier today that an agreement is expected between mid-April and May.
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