MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, March 14, 2005 DeAM Unit is on the Block 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. Printed from: MFWire.com/story.asp?s=9246 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |