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Friday, January 20, 2012

At Least Three Finalists Circle DWS' Parent

News summary by MFWire's editors

The names of Columbia [profile] parent Ameriprise, JPMorgan [profile] and State Street [profile] have all popped up again in connection with Deutsche Bank's asset management divestment plans. Reuters reports that, according to unnamed sources, Ameriprise, JPMorgan and State Street all are finalists in the bidding process for the non-Germany, non-European and non-Asian asset management business of the giant German bank, including DWS [profile] here in the U.S.

All four firms declined to comment to Reuters.

Two sources told the wire service that the price on the deal could pass $2.58 billion. Final bids for the asset management division are reportedly due by late February.

Another source said that proposals are expected to bid for all the assets together, but added that it is possible the bank will break up the businesses.

"They might make more money breaking it up than selling it as a whole," the source told Reuters.

In November, Deutsche Bank publicly confirmed that it was weighing "strategic options" for its asset management business, citing new regulation, rising costs and increasing competition [see MFWire.com, 11/22/2011]. That same month reports named Ameriprise JPMorgan and State Street, as well as Aberdeen, BlackRock, Dreyfus parent BNY Mellon, Invesco, MainStay parent New York Life and Principal as potential bidders [see MFWire.com, 11/28/2011 and 12/1/2011].

Earlier this month reports added private equity firm Advent International to that list of up to 50 potential bidders who "have shown interest," of whom more than two-dozen submitted first-round offers [see MFWire.com, 1/12/2012]. Last week Reuters reported that Deutsche picked about a dozen bidders to submit binding offers by the end of February.

Included in the sale are $54.15-billion AUM DB Advisers, $59-billion AUM RREEF and $54.15-billion DWS Investments Americas. 

Edited by: HFD


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