NEW YORK CITY-Deutsche Bank AG is nearing a sale of its asset management business to locally-based Guggenheim Partners, a deal which would include RREEF, Deutsche’s real estate investment and management arm. Unnamed sources told Reuters that the transaction is rumored to go as high as $2 billion US (or $1.5-$1.6 billion Euros) sometime between mid-April and early May.

The negotiations follow Deutsche’s announcement that it would conduct a strategic review of its asset management division globally. In addition to RREEF, the sale include would involve mutual fund business DWS Americas; global institutional asset management business DB Advisors; and Deutsche Insurance Asset Management.

The transaction, which will not involve the bank’s DWS franchise in Germany, Europe and Asia, is expected to happen after the company’s chief executive Josef Ackerman retires, Reuters says. In response, a spokeswoman for Guggenheim tells GlobeSt.com that the reports were only “speculative” and there were no new updates about the negotiations since the Deutsche released the announcement about the proposed sale at the end of February.