Asset and Wealth Management Corporate Division (AWM)


 

Three months ended

Absolute change

Change
in %

in € m.

Mar 31, 2011

Mar 31, 2010

N/M – Not meaningful

Net revenues

1,002

829

173

21

Provision for credit losses

19

3

16

N/M

Noninterest expenses

792

830

(38)

(5)

Noncontrolling interests

1

1

(0)

(29)

Income (loss) before income taxes

190

(5)

195

N/M

AWM reported net revenues of € 1.0 billion in the first quarter 2011, an increase of € 173 million, or 21 %, compared to the same period in 2010. Discretionary portfolio management/fund management revenues improved by € 24 million, or 6 %, in Asset Management (AM) and by € 14 million, or 14 %, in Private Wealth Management (PWM). In AM and PWM the increase reflected the positive impact of favorable market conditions and higher asset valuations on asset based fees. Advisory/brokerage revenues were up € 33 million, or 17 %, to € 230 million, due to increased activity in equity, fixed income and structured products. Revenues from credit products increased by € 17 million, or 22 %, to € 94 million, primarily due to increased loan volumes. Deposits and payment services revenues were up by € 3 million, or 8 %, to € 35 million, driven by margin increases. Revenues from other products were € 24 million and € 58 million favorable compared to the same period last year, in AM and PWM, respectively. One third of the improvements were driven by the sale of businesses.

Provision for credit losses was € 19 million in the first quarter 2011, an increase of € 16 million compared to the same quarter last year, primarily driven by Sal. Oppenheim.

Noninterest expenses in the first quarter 2011 were € 792 million. The decrease of € 38 million, or 5 %, compared to the first quarter 2010 was mainly driven by significantly lower integration and operating costs related to Sal. Oppenheim in PWM.

In the first quarter 2011, AWM recorded an income before income taxes of € 190 million compared to a loss before income taxes of € 5 million in the first quarter last year.

Invested assets in AWM were € 799 billion as of March 31, 2011, down by € 26 billion from December 31, 2010. In AM, invested assets were € 529 billion, a decrease of € 21 billion, or 4 %, during the first quarter 2011. Foreign currency movements, in particular the strengthening of the euro against the U.S. dollar, were the main driver for the decrease, but it also reflects € 5 billion of net outflows, primarily in cash and insurance, partly offset by inflows related to higher margin products. In PWM, invested assets were € 271 billion, a decrease of € 5 billion, mainly driven by € 8 billion from the strengthening of the euro during the first quarter 2011, partly offset by net new assets of € 3 billion, in particular in Germany and Asia.

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