UK - Aberdeen Asset Management looks set to complete the purchase of Deutsche Asset Management and DWS Investment Funds on 6 July .
Professional Adviser can reveal a source close to Deutsche has confirmed Aberdeen is currently in advanced-stage discussions with Deutsche AM and top-level DWS management regarding the final details of the purchase of the institutional and UK retail businesses.
This would include both businesses wrapped up in the proposed Deutsche AM purchase.
The source said Aberdeen has moved from its position as one of the front-runners interested in a possible acquisition to clear favourites to complete the deal within “the next week or so.”
The source also stated that Aberdeen chief executive Martin Gilbert had been going over the final details of the proposed sale with Deutsche AM hierarchy throughout the last seven days.
It would take an 11th-hour intervention from other parties, including BNP Paribas, to halt the Aberdeen deal at this stage.
The potential deal would be a coup for Aberdeen, which is looking to significantly advance its institutional and high net worth UK retail ambitions.
Aber-deen refused to comment on the latest situation when approached.
Aberdeen has recently stated that it is not looking to re-establish its business within “mass market” UK retail circles.
How-ever, Deutsche AM’s link with its retail business DWS would be difficult to sever as the majority of its institutional managers also run similar UK retail mandates.
As a result, the additional retail options the deal would bring, it would probably be seen as an added extra for Aberdeen rather than a shift of strategy.
One proposal mooted was DWS might be kept under Deutsche’s wing or sold separately but Professional Adviser has learned this course of action has been shelved and the complete transaction of both Deutsche AM and DWS is now set to take place.
It was originally stated by Deutsche AM that completion of the sale would be announced by June 29 but the new proposed date for completion is July 6.
A Deutsche spokeswoman said: “We originally said a decision would be made by Q2 results which is a little ambiguous as it could be June 29, but also the end of July. While I cannot comment on any potential new owners I can say it is likely to be concluded between those two dates.”
In a busy week for the firm, it has also moved to quash rumours circulating that current DWS managing director Michael Warren is leaving the firm.
The spokeswoman added: “Michael is currently on holiday until a week on Monday but will be returning to his post and is not leaving the firm.”
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