The German Bank has planned to dispose its three businesses units including DWS Americas, the Americas mutual fund business; DB Advisors, the global institutional asset management business; and Deutsche Insurance Asset Management, the global insurance asset management business, over increased regulatory pressure and capital requirements.
According to the companies, they were unable to agree on terms for the sale of the business and mutually agreed to end exclusive negotiations.
Many prominent financial institutions, including Wells Fargo & Co. (WFC), Royal Bank of Canada, and Ameriprise Financial (AMP) tried to knot of the deal, but Deutsche Bank insisted to dispose all the units in a bunch and not separately.
Due to its inability to find no taker of its three units in a single go, Deutsche Bank ultimately entered into exclusive talks with Guggenheim for the sale of RREEF.
With the sale of its RREEF unit, which has $59.7bn in assets under management, the bank planned to lessen financial burden, but ultimately failed to do so.
The plan to sell the asset management businesses was initiated in November under former chief executive Josef Ackermann and the previous head of asset management, Kevin Parker.
