GLOBAL - Deutsche Bank will halve the equity exposure in all its defined benefit pension plans over the next months.

Current target asset allocation of 10% will be cut to 5% by year-end according to figures published in the bank's most recent annual report. This continues a trend that has seen equity exposure being cut from 17% in 2006.

This will leave the group's defined benefit pension plans - which have an accumulated fair value of assets of €9.5bn - with a 90% allocation to bonds and a 5% allocation to alternatives, including real estate. Both the bond and alternatives exposure will be slightly upped from last year when it was 87% and 3% respectively.

Despite the fact that asset value in the schemes is higher than the current obligations of €8.6bn, the group expects to put around €300m into its DB plans. In 2006 and 2005 the level of contributions was much higher, at €354m and €521m respectively.

The group as a whole reported an 11% rise in total net revenues excluding the provision for loan losses to €28.3bn.