Revenues at Deutsche Bank’s private wealth
management (PWM) division dropped 17% in the fourth quarter of last
year when compared to the fourth quarter of 2010.
Deutsche Bank said the lower revenues were due
to negative market conditions and low client activities.
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However for the full year, PWM revenues
increased by €50m ($67m) to €2bn.
PWM’s pre-tax income also dropped 50% in the
three months to 31 December but, on a full-year basis, grew
substantially to €321m, up from a €57m loss in 2010.
This helped Deutsche’s asset and wealth
management division (AWM), which includes the PWM unit, to report
pre-tax income of €767m in 2011.
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By GlobalDataPWM AuM drops €7bn in
2011
The bank’s AWM arm had targeted pre-tax income
of €1bn in 2011, but abandoned it in October having achieved only
€400m for the first two quarters.
During the fourth quarter 2011, invested
assets in PWM increased by €5bn, mainly driven by foreign currency
movements, Deutsche Bank said.
From a full-year perspective, PWM’s invested
assets dropped €7bn. The decline in PWM included an impact of €13bn
due to market depreciation, partly offset by €4bn in net new
assets, mainly in Asia and Germany.
The cost-income ratio for Deutsche’s AWM
division dropped 15% in 2011 when compared to 2010.
