Deutsche Bank’s main private banking business, private wealth management, saw net new money swell by €5billion ($6 billion) in the fourth qu...

Deutsche Bank’s main private banking business, private wealth management, saw net new money swell by €5billion ($6 billion) in the fourth quarter of 2005. The bank’s fourth quarter results showed its private client and asset management division, which includes PWM, reporting a 12 per cent year-on-year rise in underlying revenues to €2.3 billion. Underlying pre-tax profit was up €1.8 billion, a rise of 17 per cent in the fourth quarter, year-on-year. Deutsche’s PCAM division saw invested assets grow by €10 billion to €866 billion during the fourth quarter of 2005. The bank’s asset and wealth management division reported a 24 per cent rise in underlying revenues to €1.1 billion in the fourth quarter. Portfolio/fund management revenues within PWM rose by 15 per cent, which Deutsche attributed to a strong performance in client portfolios and net inflows of invested assets. Brokerage revenues within PWM were up 12 per cent year-on-year in the fourth quarter. The rise was attributed to strong demand for high-value products. In addition, transaction-based flow revenues increased as a result of improved market conditions, Deutsche said.