14/12/2012
New Deutsche Bank wealth management unit fleshes out
Deutsche Bank on 13 December announced that its new Asset & Wealth Management (AWM) unit now includes ETFs and alternative management activities which had previously been a part of Corporate Banking & Securities (CB&S). As of 30 September this year, assets under management in these ETFs and alternative products totalled EUR100bn, the bank says in a statement. Deutsche Bank has also warned of poor results for fourth quarter of its 2012 fiscal year, due to several one-time effects, including an ongoing restructuring of its activities, the integration of Postbank, and reductions of high-risk assets. These one-time items will have a significant negative effect on the bank’s profits in fourth quarter 2012, the bank says in a statement. In addition, fourth quarter has so far been marked by a difficult macroeconomic environment, with lower volatility and the usual end-of-year seasonal slowdown, the group adds. Despite this unfavourable context, the bank posted solid operating results in October and November for all of its core activities, the statement says. Deutsche Bank has also stated that it has completed an examination of its non-strategic activities, which totalled EUR122bn as of 30 September 2012, and which in November were moved into a separate entity.
