The proposed deal encompasses: DWS Americas, the Americas mutual fund business; DB Advisors, the global institutional asset management arm; Deutsche Insurance Asset Management; and RREEF, the global alternative asset management operation.
However, the sale will exclude the DWS franchise in Germany, Europe and Asia, which Deutsche said it considers a core part of its retail offering in those markets.
The negotiations follow the announcement of a strategic review last November, in which the bank said it remained committed to asset management but wanted to “maintain an optimal business mix”.
In particular, the company said it was focusing on how regulatory changes and the associated costs, as well as a shifting “competitive landscape”, were affecting its growth prospects.
Guggenheim Partners, a privately-held company with 1,700 employees worldwide, has more than 25 offices in 10 countries.
The firm has expertise in institutional asset management for the insurance and pension sectors, in addition to intermediary-focused investments through a range of mutual fund “solutions”.