Deutsche Bank’s private wealth management (PWM) unit reported a drastic pre-tax drop despite positive gains in net new money and assets under management (AUM).

Pre-tax income at Deutsche Bank’s PWM division dropped drastically in the third quarter, falling 63% to €26m, on a year-on-year basis.

Total net revenues at the PWM division were 6% in the third quarter of 2012 to €508m on a year-on-year basis.

Assets under management (AuM) were €296bn, an increase of €12bn compared to the third quarter of 2011.

Deutsche Bank reported €5bn in net new money in the third quarter 2012.