asset management
Dutsche Bank close to selling unitsPosted by RJ and Makay on Jan 20, 2012 |
>> Read More RJ & Makay Blog Posts
Ameriprise Financial, JPMorgan Chase and State Street Corp. are among the final bidders toward the purchase of Deutsche Bank AG’s asset management division, according to inside sources. Deutsche Bank had announced in November that it was mulling the sale of several of its asset management businesses and cited new regulations, rising competition and costs as key factors behind their decision.
Ameriprise Financial announced last week that its board of directors has authorized an additional buyback of up to $2 billion worth of its common stock through June 28, 2013. Through the first quarter of 2011, the company had repurchased $969 million of common stock under its current $1.5 billion authorization, and the remaining capacity will continue to be available through the firm’s 2012 annual shareholders’ meeting.
Bank of America is selling its remaining 7% stake of Blackrock to Blackrock for $2.5 billion. Blackrock is buying the stake, 13.6 million shares, at 187.65 a share, a 3.6% discount on the average closing price of the shares over the past 15 trading days.
