Net revenues at the private clients and asset management group of Deutsche Bank were broadly unchanged at €2.2 billion in the third quarter of this year, while the assets and wealth management sub-unit of the group saw net revenues rise by 8 per cent to €772 million ($1.136 billion) from the same period a year ago, the German bank said in a statement.

For the bank as a whole, net income rose on a year-on-year basis.

Portfolio/fund management revenues at Deutsche fell by €73 million, or 17 per cent, in asset management and by €19 million, or 22 per cent, in private wealth management.

Deutsche’s results were issued a day after it announced it had agreed to buy the private banking business, Sal Oppenheim, for €1 billion, in a bid to boost its private wealth management operations.

In asset management, the revenue fall mainly reflected the impact of asset devaluations and outflows of invested assets primarily in 2008, Deutsche said. In private wealth management, meanwhile, the fall was mainly driven by asset devaluations.

Among private and business clients, net revenues in the third quarter fell to €1.4 billion, down by 3 per cent. Brokerage revenues dropped by 35 per cent year-on-year due to uncertainties in the securities markets.

Deutsche Bank said that across all its business divisions, net income for the quarter was €1.4 billion, up from €414 million in the third quarter 2008. For the first nine months of 2009, net income was €3.6 billion, compared with €918 million in the first nine months of 2008.