Deutsche Bank to sell asset management unit - report

LONDON Fri Dec 16, 2011 12:54am GMT

The headquarters of Deutsche Bank is pictured in Frankfurt December 8, 2011. REUTERS/Ralph Orlowski

The headquarters of Deutsche Bank is pictured in Frankfurt December 8, 2011.

Credit: Reuters/Ralph Orlowski

Related Topics

Quotes

   

LONDON (Reuters) - Deutsche Bank (DBKGn.DE) has launched the sale of its global asset management business with a price tag of about 2 billion euros (1.68 billion pounds), the Financial Times reported on Friday.

The newspaper cited people familiar with the matter as saying as many as 50 parties have registered an interest, including the U.S. bank Wells Fargo (WFC.N), Royal Bank of Canada (RY.TO) and Ameriprise Financial (AMP.N).

Initial bids are due in the spring for the business, according to the article.

Deutsche Bank launched the business following a strategic review of Deutsche Asset Management last month, prompted by changing conditions in the industry, including regulatory reforms.

None of the banks involved could be reached for immediate comment.

(Reporting by Stephen Mangan; Editing by Steve Orlofsky)

FILED UNDER: