appears ready to "jettison" much of its asset management business for upwards of $6 billion. Yesterday the giant German bank unveiled its re-examination of its asset management businesses as a "strategic review" [see MFWire.com, 11/22/2011
], yet Dow Jones
' Eyk Henning and Laura Stevens pounced
by calling a spade a spade, a signal that the giant German bank "would jettison" DWS [see profile]
and other asset management subsidiaries, for up to 4.5 billion euros (almost $6.1 billion).
Deutsche clarified that it has already decided to hang onto its core DWS mutual fund business in Asia and Europe.
The wire service notes that Deutsche's asset management arm "has struggled for years to gain scale," after expanding the U.S. side through the Bankers Trust acquisition more than ten years ago and the Scudder deal nine years ago.
"Deutsche Bank had always struggled to deliver competitive profitability in this business," Nomura
analyst Jon Pearce
told Dow Jones.
Neil Anderson, Managing Editor
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