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Deutsche Bank Opts to Sell Asset Management Unit
January 12, 2012
Pleased with early indications of interest from prospective buyers, Deutsche Bank AG has decided to open the books of certain asset management units to more than 10 bidders - starting the due diligence process. JPMorgan Asset Management and private-equity firm Advent International are among the interested firms, while 6 of the potential buyers placed indicative offers for all of the operations up for sale.
In the first stage of shopping its asset management business, Germany's largest bank invited interested parties to put in initial bids by the end of last week. Over the next week or so, after which the field of prospective buyers will be narrowed. Deutsche Bank will likely ask for concrete bids by mid-February. The bank hopes the units will bring in a price of €2 billion. A Deutsche Bank spokesman declined to comment on the information. [WSJournal, 1/12/12]

