Asset and Wealth Management Corporate Division (AWM)


 

Three months ended

Absolute change

Change
in %

in € m.

Mar 31, 2012

Mar 31, 2011

N/M – Not meaningful

Net revenues:

 

 

 

 

Discretionary portfolio management/fund management (AM)

384

416

(32)

(8)

Discretionary portfolio management/fund management (PWM)

102

110

(9)

(8)

Total discretionary portfolio management/fund management

486

526

(40)

(8)

Advisory/brokerage (PWM)

199

230

(31)

(14)

Credit products (PWM)

102

94

8

8

Deposits and payment services (PWM)

67

35

32

92

Other products (AM)

(4)

26

(30)

N/M

Other products (PWM)

34

91

(57)

(63)

Total other products

29

116

(87)

(75)

Total net revenues

883

1,002

(119)

(12)

Provision for credit losses

0

19

(18)

(98)

Noninterest expenses

739

792

(52)

(7)

Noncontrolling interests

1

1

(0)

(6)

Income before income taxes

142

190

(48)

(25)

 

 

 

 

 

Breakdown of AWM by business

 

 

 

 

Asset Management:

 

 

 

 

Net revenues

380

441

(62)

(14)

Provision for credit losses

(0)

0

(0)

N/M

Noninterest expenses

325

366

(40)

(11)

Income before income taxes

54

75

(20)

(27)

 

 

 

 

 

Private Wealth Management:

 

 

 

 

Net revenues

503

561

(57)

(10)

Provision for credit losses

0

19

(18)

(98)

Noninterest expenses

414

426

(12)

(3)

Income (loss) before income taxes

88

116

(28)

(24)

AWM reported net revenues of € 883 million in the first quarter 2012, a decrease of € 119 million, or 12 %, compared to the same period in 2011. Revenues from other products declined by € 87 million (from € 116 million to € 29 million) compared to the same period last year. Of this decline € 57 million, or 63 %, was attributable to Private Wealth Management (PWM), which was significantly impacted by positive effects from the realignment of Sal. Oppenheim in 2011. The remaining decline in revenues from other products of € 30 million was attributable to Asset Management (AM) reflecting lower gains on sale of investments. Discretionary portfolio management/fund management revenues in AWM decreased by € 40 million, or 8 %. The decline was € 32 million in AM and € 9 million in PWM. Both developments were driven by negative market impacts resulting in lower asset flows and lower performance fees. Advisory/brokerage revenues decreased by € 31 million, or 14 %, to € 199 million. This was mainly driven by a lower client activity reflecting investor uncertainty. Partly offsetting these decreases were € 32 million (or 92 %) higher revenues in deposits and payment services compared to the same period in 2011, mainly due to the launch of various product initiatives targeting stable funding. Revenues from credit products were € 8 million, or 8 %, higher compared to the first quarter 2011, mainly due to higher lending volume in Asia/Pacific and Americas.

Provision for credit losses decreased to a level below € 1 million by € 18 million compared to the same period last year, mainly related to lower provisions in Sal. Oppenheim.

Noninterest expenses in the first quarter 2012 were € 739 million, down by € 52 million, or 7 %, compared to the first quarter 2011. The decline reflected mainly lower retention and severance expenses. In addition, the decrease also reflected improved platform efficiencies in AM.

In the first quarter 2012, AWM recorded an income before income taxes of € 142 million compared to € 190 million in the first quarter last year. Income before income taxes declined by € 28 million in PWM and by € 20 million in AM.

Invested Assets in AWM increased € 7 billion to € 820 billion in the first quarter of 2012. In PWM, invested assets were € 278 billion, an increase of € 9 billion compared to December 31, 2011. The increase included € 11 billion due to market appreciation and € 2 billion net inflows, partly offset by € 3 billion from foreign currency movements. Invested assets in AM decreased by € 2 billion. Net outflows of € 10 billion, mainly related to one single customer in Europe, and negative effects from foreign currency movements of € 8 billion, were partly offset by € 16 billion due to market appreciation.

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Deutsche Bank Interim Report as of September 30, 2011

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