Deutsche Bank’s private wealth management (PWM) unit reported a drastic pre-tax drop despite positive gains in net new money and assets under management (AUM).
Pre-tax income at Deutsche Bank’s PWM division dropped drastically in the third quarter, falling 63% to 26m, on a year-on-year basis.
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Total net revenues at the PWM division were 6% in the third quarter of 2012 to 508m on a year-on-year basis.
Assets under management (AuM) were 296bn, an increase of 12bn compared to the third quarter of 2011.
Deutsche Bank reported 5bn in net new money in the third quarter 2012.
