FRANKFURT: Deutsche Bank has pared down the shortlist of potential investors vying to buy its asset management operations to fewer than 10, three sources close to the process said on Tuesday.
Among the remaining bidders are Ameriprise Financial , Macquarie and Guggenheim Partners, two people said. State Street is also still in the running, another person added.
The asset could fetch 1.5 to 2 billion euros, two sources said.
While Deutsche Bank is trying to sell the operations in one unit, some bidders are only interested in parts, a person close to the lender said.
Deutsche Bank does not want to end up holding parts of the business that might be too small to be viable or sell on a standalone basis, a person familiar with Deutsche Bank's thinking said.
Under review is a sale of Deutsche's institutional investor business, DB Advisers, its alternative asset business RREEF, an insurance asset management business, and its DWS Investments mutual fund business in the Americas.
Not included in the review are private wealth management or Deutsche's DWS franchises in Germany, Europe and Asia, which are seen as part of the bank's retail palette.
Altogether, the units up for sale have roughly 400 billion euros in assets under management, and employ 1,500 staff.
In November Deutsche Bank said it was considering the sale of several asset management businesses in light of new regulation, rising costs and growing competition expected to weigh on future earnings.
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