Germany's Deutsche Bank AG is reportedly in exclusive talks with private equity firm Permira on the sale of Tilney Investment Management. Reuters, citing a report by the Financial Times, said Deutsche Bank was hoping to sell the loss-making part of its wealth management business before Christmas. 

London-based Tilney focused on the mass affluent lower end of the wealth management market, the report said.

According to a profile by the Businessweek, British investment firm Permira has beaten rival bidders and is currently in the final stages of talks to acquire Deutsche Bank's regional network and Tilney for an undisclosed amount. Rival Brown, Shipley & Co. was in the running until the late stage of the talks, Businessweek said. 

Permira advises funds with a total committed capital of around EUR22 billion, its website said. It is one of the largest and most experienced European private equity firms. Permira operates in 12 offices across Europe, US and Asia, according to a CrunchBase profile. 

Meanwhile, the exit would leave Deutsche Bank with a London-based British wealth management business that focuses on the super-wealthy and has several billion euros under management, Reuters said.