Reuters reports that the RREEF business, which has around $59.70bn in assets under management, was the last one of a range of businesses Deutsche Bank tried but failed to sell to U.S.-based institutional asset manager Guggenheim.
Deutsche Bank said in a statement that 'the parties were unable to agree on terms for the sale of the business and mutually agreed to end exclusive negotiations'.
The firm also announced that 'the strategic review of its global Asset Management division, initiated in November 2011, has concluded. Deutsche 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'.
The strategic review of the global Asset Management division 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.
The Alchemists: Three Central Bankers and a World on Fire
Hubris: How HBOS Wrecked the Best Bank in Britain
