Part of the Consolidated Financial Statements as of 31 December 2008; audited by KPMG AG Wirtschaftsprüfungsgesellschaft.

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Private Clients and Asset Management Group Division

The following table sets forth the results of our Private Clients and Asset Management Group Division for the years ended December 31, 2008 and 2007, in accordance with our management reporting systems.

in € m.
(unless stated otherwise)

2008

2007

1

See Note [2] to the consolidated financial statements for a description of how average active equity is allocated to the divisions.

2

We define invested assets as (a) assets we hold on behalf of customers for investment purposes and/or (b) client assets that are managed by us. We manage invested assets on a discretionary or advisory basis, or these assets are deposited with us.

Net revenues:

 

 

Portfolio/fund management

2,457

3,017

Brokerage

1,891

2,172

Loan/deposit

3,251

3,145

Payments, account & remaining financial services

1,066

1,039

Other products

376

756

Total net revenues

9,041

10,129

therein: Net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss

3,871

3,529

Provision for credit losses

668

501

Total noninterest expenses

7,972

7,560

therein:

 

 

Policyholder benefits and claims

18

73

Impairment of intangible assets

580

74

Restructuring activities

–

(9)

Minority interest

(20)

8

Income (loss) before income taxes

420

2,059

Cost/income ratio

88 %

75 %

Assets

188,785

156,767

Average active equity1

8,315

8,539

Pre-tax return on average active equity

5 %

24 %

Invested assets2 (in € bn.)

816

952

The following paragraphs discuss the contribution of the individual corporate divisions to the overall results of Private Clients and Asset Management Group Division.

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