Total net revenues at Deutsche Bank’s private
wealth management (PWM) division rose 10% in the first quarter of
2012 to €503m, although they dropped 10% on a year-on-year
basis.
Deutsche Bank said the yearly comparison was
significantly impacted by positive effects from the realignment of
Sal. Oppenheim in 2011.
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PWM’s pre-tax income increased substantially
in the first three months, increasing 157% to €88bn, this was still
a 24% drop, or €28m, on a year-on-year basis
In PWM, assets under management (AuM) were
€278bn, an increase of €9bn compared to 31 December 2011.
The increase included €11bn due to market
appreciation and €2bn in net inflows, partly offset by €3bn from
foreign currency movements.
Deutsche Bank reported €2bn in net new money
in the first quarter after losing €3bn in the three months to 31
December 2011.
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