Deutsche Bank’s private wealth management
(PWM) arm posted a 70% rise in invested assets for the 12 months to
December 2010 but negative new money inflows and rising cost/income
ratios may be cause for concern.
Invested assets – the most commonly used
figure for assets under management (AuM) at Deutsche – stood at
€323m, which include Sal Oppenheim assets following the purchase of
the €1bn firm in March 2010.
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But PWM net new money was flat in the fourth
quarter, posting an -88% drop from the third quarter of 2010 and no
material gains in the year to December compared to year before.
Sal Oppenheim’s acquisition led to a 38% jump
in staff numbers in its asset and wealth management division,
pushing up its cost/income ratio to an unhealthy 102%, a 44
percentage point jump from the fourth quarter of 2009.
Discretionary portfolio management/fund
management 2010 full year net revenue figures jumped 95% to €515m
in 2010 when compared year-on-year to 2009.
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