This profit is despite the negative impact of unfavourable equity market conditions on revenues from management fees and commissions in both asset management and private wealth management, says the bank.
In the third-quarter, asset and wealth management arm reported net revenues of EUR876 million, a decrease of EUR63 million (7%) as compared to third quarter of 2010.
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The discretionary portfolio and fund management revenues also fell by EUR40 million (7%), while asset management revenues decreased by EUR32 million (7%), and in private wealth management by EUR9 million (8%).
Josef Ackermann, chairman of the management board said; "During the third quarter, the operating environment was more difficult than at any time since the end of 2008, driven by a deteriorating macro-economic outlook, and significant financial market turbulence.
"Our performance was, inevitably, impacted by this environment, but we benefited significantly from the strategic decisions we have taken to recalibrate and de-risk our investment bank, increase the earnings contribution from our ‘classic’ banking businesses, and strengthen our capital, liquidity and funding position," Ackermann added.
