Deutsche Bank is moving forward with plans to sell its asset management business, including RREEF, its alternative asset unit.
The bank has given 12 possible bidders permission to conduct due diligence on RREEF, its institutional business DB Advisors and its Americas mutual fund business DWS Investments. Deutsche Bank could net in excess of €2 billion in the sale; RREEF alone has €46 billion in assets under management, while the for-sale units together boast €400 billion.
Deutsche Bank decided to move forward with the process on Tuesday after it was satisfied by the interest expressed in the business by potential buyers. Only bidders who want to buy and keep all the businesses together were considered.