Invested assets in Deutsche Bank’s
private wealth arm dropped €6bn ($8.3bn) in the third
quarter of 2010 although its asset and wealth management (AWM)
businesses recorded overall gains in net revenues.
Invested assets – the most commonly used
figure for assets under management (AuM) at Deutsche – stood at
€313bn down on the second quarter but a 72% gain on the third
quarter of 2009. There were net outflows of EUR 3 billion.
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The invested assets managed by Deutsche Bank
have increased substantially since it closed the €1bn Sal Oppenheim
purchase in March. At the time of the purchase, Deutsche indicated
Oppenheim’s independent wealth management activities would be
expanded under the well-established brand name.
Net revenues gain
Net revenues for its asset and wealth
management businesses were €1bn in the third quarter 2010,
including €200m from Sal Oppenheim. Income before taxes was
€78m.
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By GlobalDataThe bank said revenues in asset management and
private wealth management were positively impacted by higher asset
based fees and improved market conditions compared to the third
quarter 2009.
About half of Deutsche’s invested assets are
in Germany, where there was a €3bn increase. All other regions
experienced a drop in AuM.
The bank’s asset and wealth management
cost/income ratio was 91%.
