Private Clients and Asset Management Group Division


The following table sets forth the results of our Private Clients and Asset Management Group Division (PCAM) for the years ended December 31, 2011 and 2010, in accordance with our management reporting systems.

in € m.
(unless stated otherwise)

2011

2010

1

See Note 05 “Business Segments and Related Information” 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:

 

 

Discretionary portfolio/fund management

2,354

2,491

Advisory/brokerage

1,735

1,717

Credit products

2,585

2,628

Deposits and payment services

2,244

2,102

Other products

5,460

872

Total net revenues

14,379

9,810

therein:

 

 

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

7,914

4,609

Provision for credit losses

1,364

785

Total noninterest expenses

10,277

7,919

therein:

 

 

Policyholder benefits and claims

Impairment of intangible assets

Restructuring activities

Noncontrolling interests

189

6

Income (loss) before income taxes

2,549

1,100

Cost/income ratio

71 %

81 %

Assets

394,094

400,110

Average active equity1

16,563

9,906

Pre-tax return on average active equity

15 %

11 %

Invested assets (in € bn.)2

1,116

1,131

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

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Deutsche Bank Annual Report 2011

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