Deutsche Bank’s asset and wealth management unit is on track to meet a target of EUR1.7 billion (US$2.31 billion) in pretax profit by 2015, more than double last year’s total and more than 10 times its 2012 result, said Michele Faissola, the unit’s head.
"The second quarter so far has been the best one in terms of net new money flows," said Faissola, who was appointed to overhaul the combined asset and wealth businesses in June 2012. That would see the unit top the 5.3 billion in net money inflows seen in the first quarter of 2013.
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The division has no plans to sell any of its activities and has, rather, added 1,000 staff in the past year, with plans to recruit more wealth managers specialising in elite clients in London and in Asia, he said.
"We are progressing quite fast. 2013 showed we were delivering on our ambitions and that the strategy is working," Faissola said.
The bank plans to report detailed quarterly results on 29 July 2014.
The unit oversaw EUR934 billion for individual and institutional clients as of March 31, according to a company presentation in April.
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