Deutsche Bank AG is talking exclusively to privately held U.S. institutional asset manager Guggenheim Partners on the sale of a big chunk of Deutsche's asset management businesses, Germany's biggest lender said on Tuesday.Deutsche said in November it was considering selling several global asset management businesses in light of new regulation, rising costs and growing competition that was expected to weigh on future earnings.The lender declined to give financial details on Tuesday but sources familiar with the talks told Reuters previously that a price of between 1.5 billion euros ($2 billion) and 2 billion was realistic.The businesses up for grabs have about 400 billion euros in assets under management and 1,500 employees.
Deutsche Bank AG is a global investment bank. The Company offers a variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Shares of DB traded higher by 1.05% or $0.49/share to $47.19. In the past year, the shares have traded as low as $28.57 and as high as $66.00. On average, 2577330 shares of DB exchange hands on a given day and today's volume is recorded at 763801.
Source
