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28 July 2009 - Tara Loader Wilkinson

Deutsche's wealth unit records inflows of €1bn

Deutsche Bank, Germany's largest bank, saw inflows of €1bn ($1.4bn) into its private wealth management unit during the second quarter of 2009, against net outflows of €3bn from its asset management business.

Despite the rise in new money, revenues at the unit, which deals with Deutsche's richest clients, fell 12% year-on-year to €10m in the second quarter.

The bank said declines in revenues at asset and wealth management units were mainly the result of lower asset valuations, as well as outflows during 2008 and the first quarter of 2009 from its asset management unit.

"This adversely affected asset-based fees and performance fees," the bank said in its results statement.

Tags: Deutsche Bank , Private Wealth Management

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