Financial Results
Deutsche Bank: Private Wealth Management U-turn Led To Asset Management Profit Lift

Deutsche Bank has emphasised the turnaround in its private wealth management business as a strong contributing factor behind the pre-tax profit hike in asset management it reported for 2011.
In its annual review released yesterday, the German lender said that the private client division went from a loss of €57 million ($75.5 million) in 2010 to a profit of €321 million last year, taking the pre-tax profit in the asset management arm to €767 million compared with €210 million the year before.
Deutsche Bank attributed the positive development to the acquisition of the German private banking brand Sal Oppenheim, which it took over in 2010 and turned into being profitable last year.
The European wealth management giant also said that the German market continued to be an important source of profit to the PWM business. The bank grew significantly in the UK in 2010, especially in the ultra high net worth segment; this was followed up by a phase of consolidation in 2011. Deutsche singled out Asia-Pacific as a promising region where it will focus on organic growth.
Out of the firm’s €269 billion in PWM client assets at the end of 2011, €123 billion is based in Germany and half of that is managed by Sal Oppenhem. The firm has €544 billion in the larger asset management unit.