Deutsche Bank has concluded its exclusive negotiations with Guggenheim Partners over a potential sale of RREEF, its global alternative asset management business.
Upon further review, both parties were unable to agree on terms for the sale of the business and mutually agreed to end exclusive negotiations, according to a statement from DB.
The bank earlier this month also issued a statement saying that: "The Bank will strengthen its balanced universal banking model by establishing a new business division called Asset and Wealth Management. AWM will stand equally alongside the other business divisions Corporate Banking & Securities, Global Transaction Banking and Private & Business Clients. AWM will be created by integrating the Bank’s existing asset management and wealth management businesses."