- Brookfield Asset Management ( NYSE: BAM ) is in advanced talks to acquire the private equity secondaries business of Deutsche Bank's ( NYSE: DB ) asset management unit, Bloomberg reported Monday, citing a person familiar with the matter.
- An agreement may be announced as soon as this week, according to the report .
- The secondaries market comprises deals in which investors looking to exit private asset investments and fund managers who want to increase ownership stakes or hold assets for longer. Deutsche Bank's ( DB ) DWS Group has been marketing its secondaries business, which raised its first $550M fund a little over a year ago, to potential buyers as part of its plan to scale back from businesses that lack sufficient scale, Bloomberg had reported.
- In premarket trading, Brookfield ( BAM ) shares were unchanged and Deutsche Bank ( DB ) stock has slipped 0.2% .
- In regular trading in Germany, DWS shares dropped 0.9% at 2:43 PM CEST.
- In the past year, DWS's shares have declined 6.8% on 0.9% at Germany's Xetra Exchange. Deutsche Bank ( DB ) spun off a minority stake in its DWS unit in 2018 through an IPO .
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Brookfield Asset Management nears deal for Deutsche Bank's secondaries PE - report