Private Clients and Asset Management

Higher revenues and profits


The Private Clients and Asset Management Group Division (PCAM) comprises Deutsche Bank’s investment management business for both private and institutional clients, together with our traditional banking activities for private individuals and small and medium-sized businesses. PCAM consists of the two Corporate Divisions Asset and Wealth Management and Private & Business Clients.

Despite the difficult environment, 2011 was a good year for PCAM in which the upward trend of previous years continued to gain momentum. Both corporate divisions managed to strengthen their competitive position, above all in our German home market, underpinned in part by the acquisition of a controlling interest in Deutsche Postbank AG and Sal. Oppenheim Group in 2010. The PCAM Group Division saw a marked increase in revenues and profits, putting it on target for a substantially higher contribution to the bank’s overall performance in 2011. Total invested assets in PCAM (excluding BHF-BANK) declined to € 1,116 billion (year-end 2010: € 1,131 billion) mainly as a result of unfavorable markets worldwide.

Asset and Wealth Management

The Asset and Wealth Management Corporate Division is made up of the two Business Divisions Asset Management and Private Wealth Management. While Private Wealth Management serves the banking needs of wealthy individuals and families across the globe, Asset Management provides investment solutions to individual and institutional investors worldwide. Composed of four business lines, Asset Management caters to retail investors through DWS Investments; serves institutional investors, such as pension and sovereign wealth funds, through DB Advisors; conducts third-party insurance investing through Deutsche Insurance Asset Management; and invests in real estate and non-traditional vehicles via RREEF Alternatives.

Excerpt from segment reporting (Private Clients and Asset Management1)

The Private Clients and Asset Management Group Division recorded income before income taxes of € 2.5 billion in 2011, compared with € 1.1 billion in 2010. In the Asset and Wealth Management Corporate Division, income before income taxes was € 0.8 billion (2010: € 0.2 billion), which was more than triple the previous year’s performance, reflecting the successful integration of Sal. Oppenheim and the benefits related to efficiency measures. In the Private & Business Clients Corporate Division, income before income taxes increased to € 1.8 billion (2010: € 0.9 billion). This increase was mainly driven by the consolidation of Postbank.

 

 

 

in € m.

2011

2010

1

Excerpt from segment reporting. For notes and other detailed information, see Financial Report 2011 (Management Report).

Net revenues

14,379

9,810

Total provision for credit losses

1,364

785

Noninterest expenses

10,277

7,919

Income before income taxes

2,549

1,100

Return on equity (pre-tax) in %

15

11

Risk-weighted assets

111,816

123,613

Assets

394,094

400,110

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Deutsche Bank Annual Report 2011

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