MutualFundWire.com: Deutsche Execs Conclude Their Strategic Review

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Wednesday, June 20, 2012

Deutsche Execs Conclude Their Strategic Review

Fundsters waiting for news of DWS' [profile] fate will have to wait a little bit longer. Today Deutsche Bank revealed that "the strategic review of its global Asset Management division … has concluded," yet the German bank won't "make a further update" on what that conclusion is until September, "as part of its commitment to communicate a long-term, Bank-wide strategy in September.

Deutsche unveiled the strategic review in November 2011, excluding the DWS franchise in Asia, Germany and the rest of Europe.

Deutsche also revealed the collapse of its exclusive negotiations to sell its global alternatives business, RREEF, to Guggenheimer Partners. Guggenheim's exclusive negotiations to buy all Deutsche's asset management business (excepting the units mentioned above that are not part of the review) ended last month.

Company Press Release
Deutsche Bank and Guggenheim Partners conclude negotiations on RREEF

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) announced today that it has concluded exclusive negotiations with Guggenheim Partners over a potential sale of RREEF, its global alternative asset management business.

The parties were unable to agree on terms for the sale of the business and mutually agreed to end exclusive negotiations.

The Bank also announced that the strategic review of its global Asset Management division, initiated in November 2011, has concluded. The Bank will make a further update on its Asset & Wealth Management division as part of its commitment to communicate a long-term, Bank-wide strategy in September.

Note to editors: The strategic review of the global Asset Management division, announced on November 22, 2011, covered all of the Asset Management division globally except for the DWS franchise in Germany, Europe and Asia, which the Bank had already determined was a core part of its retail offering in those markets.