If Deutsche Bank sells its asset management business, having effectively put it up for sale by announcing a strategic review, it is likely to find plenty of interest but low prices, regardless of whether it is sold as a whole or as a collection of parts.

The interest is assured from the fact that the asset management industry is ripe for consolidation, which is the only certain way to boost profits in a difficult market. Asset managers are under pressure to reduce their costs - investment returns are expected to be low for years and clients that didn't mind forking out a percentage point of their gains when returns were 16% a year will object when returns are just 4%. There are also significant benefits of scope and scale to be gained by being large.