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Deutsche in €24bn European institutional inflow

EUROPE – Deutsche Bank says its asset management arm had €24bn of net institutional inflows in the first quarter of 2005.

“Net inflows in continental Europe were €29bn, of which €24bn related to the institutional business and €5bn to the retail business,” the bank said of its asset management business.

This was offset by net outflows in the UK and Asia-Pacific institutional business and in the retail division in the Americas. It did not quantify the size of these outflows. Total net asset inflows came in at €24bn.

The UK outflows comes as the bank is considering the options for it UK-based Deutsche Asset Management business.

Transaction services revenues fell slightly to €485m.

Pre-tax profit at the group’s asset and wealth management arm rose five percent to €163m. Revenues fell to €891m from €907m.

Deutsche said: “Revenues from asset management activities decreased compared to the first quarter 2004 due to lower investment management fees in the Americas as a result of net asset outflows in the retail business.”

Overall, the bank reported a first quarter pre-tax profit of €1.8bn, on total revenues of €6.6bn.

"All of us at Deutsche Bank are proud of what we have achieved in the first quarter,” said chief executive Josef Ackermann. “This excellent result underlines our leading position, both in Germany and internationally."

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