FRANKFURT — Deutsche Bank AG (DB) and Guggenheim Partners Wednesday called a halt to exclusive negotiations over the sale of the bank's global alternative asset management business RREEF, as they couldn't agree on terms for the sale, the German lender said.
Deutsche Bank said in May it had already scaled down talks with Guggenheim. Initially the U.S. financial services firm had been interested in a number of asset management businesses, then the talks were limited to RREEF, the bank's alternative-investment unit — and now the parties will leave the table without a deal.
Deutsche Bank also said Wednesday its strategic review of its global asset management division has finished, and it will provide an update on the asset and wealth management operations in September when it presents more details on strategy under new co-Chief Executives Anshu Jain and Juergen Fitschen.
Deutsche Bank, Germany's largest lender by market value, launched the strategic review of its asset management division last year. The review covered all of the asset management division globally, excluding the retail DWS franchise in Germany, Europe and Asia.
The businesses it reviewed account for 78% of the bank's assets under management, and include DWS Americas, the mutual funds business in the Americas, Deutsche Insurance Asset Management as well as institutional asset manager DB Advisor and RREEF.