The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:DeAM Unit is on the Block Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 14, 2005

DeAM Unit is on the Block

by: Theresa Sim

Deutsche Bank has received at least ten "approaches" for its UK-based asset management unit, Deutsche Asset Management, reports the Financial Times.

One of the bidders is Candover, a leveraged buyout firm with offices in London, Paris and Dusseldorf. The price tag for the DeAM unit could be in the neighborhood of 250 million ($479 million), reports the FT. DeAM's UK-based business manages approximately 50 billion ($96 billion) in assets, according to the FT.

Globally, DeAM managed $730 billion in assets at the end of 2004.

A DeAM spokesman did not immediately return a call seeking comment regarding the sale.

Leading the talks is Hawkpoint Partners, a boutique investment bank hired by Deutsche Bank last month to shop the firm around, reported the FT.

Candover is believed to be recruiting James Goulding, former head of the Asia-Pacific region, to help with its bid for the firm. Goulding was fired last year, along with three other executives, when DeAM reorganized senior management along product lines.

The news follows on the heels of continuing management shakeup at DeAM. Last week, the firm announced that William Shiebler, former head of Scudder Investments and most recently, co-head of DeAM's Global Retail business, would take up a vice-chairman position with the firm.

While a spokesperson was not able to answer whether the move was a demotion, it appears that Schiebler was effectively replaced by two Axels -- Axel Schwarzer, who now head Scudder Investments, and Axel Benker, who took over sole responsibility for Global Retail.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use