Asset & Wealth Management Corporate Division


in € m.

 

 

 

2012 increase (decrease)
from 2011

2011 increase (decrease)
from 2010

(unless stated otherwise)

2012

2011

2010

in € m.

in %

in € m.

in %

N/M – Not meaningful

1

Segment assets represent consolidated view, i.e. the amounts do not include intersegment balances.

2

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.

3

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

2,108

2,104

2,178

4

0

(74)

(3)

Advisory/brokerage

807

789

830

18

2

(41)

(5)

Credit products

411

393

378

18

5

15

4

Deposits and payment services

236

158

142

78

49

16

11

Other products

904

833

993

71

9

(160)

(16)

Total net revenues

4,466

4,277

4,520

189

4

(243)

(5)

Provision for credit losses

18

22

14

(4)

(20)

8

57

Total noninterest expenses

4,288

3,313

3,905

975

29

(592)

(15)

therein:

 

 

 

 

 

 

 

Policyholder benefits and claims

414

207

486

207

100

(279)

(57)

Restructuring activities

104

104

N/M

N/M

Impairment of intangible assets

202

202

N/M

N/M

Noncontrolling interests

0

0

(2)

N/M

2

N/M

Income (loss) before income taxes

160

942

603

(782)

(83)

339

56

Cost/income ratio

96 %

77 %

86 %

19 ppt

(9) ppt

Assets1

68,408

68,848

66,334

(440)

(1)

2,514

4

Risk-weighted assets

12,451

14,626

15,051

(2,175)

(15)

(425)

(3)

Average active equity2

5,888

5,656

5,277

232

4

379

7

Pre-tax return on average active equity

3 %

17 %

11 %

(14) ppt

5 ppt

Invested assets (in € bn.)3

944

912

936

32

3

(24)

(3)

Net new money (in € bn.)

(22)

(7)

(2)

(15)

N/M

(5)

N/M

Net revenues increased slightly by € 189 million, or 4 %, compared to € 4.3 billion in 2011, reflecting a € 207 million increase in revenues from Other products from mark-to-market movements on investments held to back insurance policyholder claims in Abbey Life, offset in noninterest expenses. This effect was partly offset by € 46 million in RREEF driven by gains on sales in 2011, € 51 million due to reduced demand for hedge fund products and € 37 million due to lower management fees. Revenues from deposits and payment services increased substantially, reflecting various product initiatives targeting stable funding. Advisory/brokerage revenues and revenues from credit products both improved in the Wealth Management businesses due to continued business growth and increased assets under management.

Noninterest expenses were up € 975 million, or 29 %, compared to 2011 mainly due to the aforementioned effect related to Abbey Life, € 202 million of impairments related to Scudder, € 90 million of IT-related impairments, € 104 million in costs-to-achieve related to OpEx, costs incurred from the strategic review and litigation-related charges.

Invested assets in AWM were € 944 billion as of December 31¸2012, an increase of €32 billion versus December 31, 2011, mainly driven by market appreciation of € 55 billion and transfers of € 7 billion from Postbank, partly offset by outflows of € 22 billion and foreign currency movements of € 7 billion. The private bank attracted inflows of € 15 billion for the year offset by outflows in asset management, particularly from the institutional business which was impacted by the strategic review.