Deutsche Bank’s asset and wealth management
division reported income before income taxes of €190m ($281m) for
the first quarter of 2010 although invested assets dipped
slightly.
The Frankfurt-listed bank saw invested assets
in its private wealth management (PWM) arm drop to €271bn from
€276bn.
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The bank said the strengthening euro knocked
€8bn off its client asset base, partly offset by €3bn of net new
assets, mainly in Germany and Asia.
PWM discretionary portfolio management/fund
management revenues improved by €14m, or 14%.
No word on BHF sale
failure
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By GlobalDataThe results made no mention why the sale of
German private bank BHF to LGT, the wealth and asset management
group of the Liechtenstein royal family, failed.
Deutsche Bank called an abrupt halt to the
negotiations over the sale earlier this month with neither bank
giving a reason for the termination.
BHF, which has about 1,500 employees and
reported assets under management (AuM) of €43bn at the end of 2010,
was acquired by Deutsche in March 2010 as part of the €1bn purchase
of its parent Sal Oppenheim.
“[Deutsche Bank] will implement its
alternative plan and continue the successfully launched process of
transforming and modernising the business operations of BHF-BANK
within Deutsche Bank Group,” Deutsche said in a statement at the
time.
