GLOBAL - Deutsche Bank has ended talks with Guggenheim Partners for the sale of all but one if its asset management subsidiaries, with the privately owned US firm now only in discussion to acquire the real estate asset manager RREEF.

The exclusive talks, resulting from Deutsche's review of its asset management division, were confirmed in late February, with a bank spokesman saying at the time the sale would cover the "whole package" - covering DB Advisors, Deutsche Insurance Asset Management, RREEF and mutual funds business DWS Americas.

However, Deutsche today released a statement saying it had decided to "focus" the negotiations purely on the sale of the alternatives business.

It added that the parties had "mutually agreed" to end the negotiations for the remaining asset management businesses, with the German bank stressing it was committed to maintaining the remaining teams.

A spokesman at the bank said all options would remain "on the table".

"A decision on how to progress has not been made, but all options remain on the table - including the sale of the businesses, as well as integration into [existing] divisions," he said.

"We will continue to monitor how to proceed, and the discussions with Guggenheim on RREEF will also continue."

A spokeswoman at Guggenheim declined to comment further.

RREEF, the real estate investment arm of Deutsche Asset Management, has offices in more than 20 cities and employs 600 people, with €44.4bn in assets under management as at the end of last year.

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