The auction for DWS [profile] in the U.S. and other parts of Deutsche Bank's asset management business just got smaller. Yesterday Kate Burgess and Dan McCrum of the Financial Times report that State Street [profile] dropped out of the bidding process, with Columbia [profile] parent Ameriprise preparing to follow suit.

The FT also echoes Bloomberg's report earlier this week that JPMorgan has also dropped out [see MFWire.com, 2/7/2012].

In November, the giant German bank officially revealed a "strategic review" of its management business, excluding the mutual fund arms in Germany, the rest of Europe and Asia [see MFWire.com, 11/22/2011]. All told, about $525 billion in assets are on the line. Other reported bidders include: Apax Partners; Claymore and Rydex acquirer Guggenheim Investments; Delaware Investments' Australian parent, Macquarie Group; and Great-West and Putnam's Canadian parent, Power Corp. 

Edited by: Neil Anderson, Managing Editor


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