Zurich/Frankfurt — Deutsche Bank and UBS’s talks on combining their asset management businesses to create a European powerhouse have stalled, according to people familiar with the matter. A deal is now seen as increasingly unlikely after disagreements emerged over who would retain majority control of the combined entity, the people said, asking not to be identified as the matter is private. Deutsche Bank also delayed a decision on DWS because it preferred to keep options open for longer, the people said. No final decision has been made and a deal could still be salvaged, the people said. A combination of UBS asset management, which oversees about €722-bn, and DWS, which manages €704bn, would have vaulted the combination to the size of top competitor Amundi and allow it to better compete with American giants such as BlackRock. The two businesses are seeking to gain scale and save costs in an industry where margins are under pressure from an investor flight to cheaper, passive funds. ...

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