Global Equities comprises all trading, sales and research in cash equities, convertibles, equity derivatives , prime services, program trading and structured products.
In 2003, Global Equities reinforced its position among the top two global equities firms in a market that showed signs of recovery in the second quarter. Equity market indices increased for the first time in three years and market volumes remained robust. Deutsche Bank further strengthened its leading position in sophisticated equity products and services. Convertibles, equity derivatives, prime services and program trading contributed over 50% of Global Equities’ total revenues. We were named Equity Derivatives House of the Year and European Equity-Linked House of the Year for 2003 by International Financing Review.
Global Equities also dominated program trading globally. It ranked number one in Europe according to Institutional Investor, and maintained a leading market share position in the U.S. In prime services, Global Equities was ranked in the top three by Global Custodian magazine.
Deutsche Bank leveraged its efficient program trading platform to win several of the largest global transition management mandates in 2003. These included a complex transaction for a sovereign investment fund that saw the transition of over 400 million shares, totaling € 9 billion, between 10 different investment managers over a three-day period. Global Equities Transition Management achieved a number one ranking in eight out of nine categories in the Global Investor survey.
Deutsche Bank continued to be the leading European equities firm across all products, dominating the two largest European markets, Germany and the UK, with market shares of 29% and 15% respectively. The European research product ranked third in two highly reputed surveys.
In Asia/Pacific, Deutsche Bank moved for the first time into the top five group of brokers. The Japanese research product was ranked third in 2003 by Institutional Investor and the Nikkei survey named us top foreign broker in Japan.
Our Global Equity Research was ranked fourth in the 2003 Institutional Investor Global Research Survey.
