Deutsche Bank is retaining Morgan Grenfell Private Equity, contrary to earlier reports and despite selling part of the firm's portfolio to Goldman Sachs Asset Management and Vision Capital.

The deal involves a portfolio of four companies that were owned by third-party funds managed by Morgan Grenfell Private Equity, Deutsche Bank's buy-out subsidiary. These are Deloro Stellite, a components manufacturer; Abrasive Technologies, which makes precision grinding wheels; Cerbo, a packaging manufacturer; and Shearings, a holiday company.