As Deutsche Bank reported results for the fourth quarter and the full year 2009, the picture is beginning to look brighter in its private client and wealth management businesses.
As Deutsche Bank reported results for the fourth quarter and the full year 2009, the picture is beginning to look brighter in its private client and wealth management businesses.
In private clients and asset management, fourth quarter net revenues were €2.2 billion (about $3.1 billion), an increase of €177 million versus the fourth quarter of 2008.
In asset and wealth management, fourth quarter net revenues were €784 million, versus €588 million in the fourth quarter of 2008, primarily reflecting the non-recurrence of specific negative revenue items, the bank said in a statement. AWM captured net new money of €12 billion in the quarter, of which €9 billion was in asset management and €3 billion in private wealth management, compared to outflows of €23 billion in the fourth quarter of 2008.
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