The Private Clients and Asset Management Group Division, or PCAM, comprises Deutsche Bank’s invest­ment management business for both private and ins­ti­tu­tional clients, together with our tra­di­tional banking acti­vities for private individuals and small and medium-sized busines­ses. PCAM comprises two Corporate Divisions: Asset and Wealth Management and Private & Business Clients.
Asset and Wealth Management

Asset Management comprises four businesses: the retail mutual funds business (DWS Investments), alternatives (RREEF Alternative Investments), institutional asset management (DB Advisors) and asset management for insurance companies (Deutsche Insurance Asset Management).

Private Wealth Management (PWM) serves high net worth individuals and families world­wide. We provide these very discerning clients with a fully-integrated wealth management service, encompassing port­folio manage­ment, tax advisory, inheritance planning and phil­anthropic advisory services.
Private & Business Clients

The Private & Business Clients Corporate Division (PBC) conducts business with private customers as well as small and medium-sized business clients in eight countries in Europe and Asia. PBC’s range of products and services includes payment and current account services, mutual funds and securities, loans and investment management.

PBC has a total of 1,852 branches in Germany, Italy, Spain, Poland, Belgium, Portugal, India and China. The fixed sales network is reinforced by more than 3,300 independent financial advisors. We also work with numerous cooperation partners such as Deutsche Vermögensberatung (DVAG), the largest independent financial advisory firm in Germany, and BancoPosta, the financial services division of the Italian post office.
Comprehensive and personalized financial solutions for private and business clients.

Private & Business Clients

PBC is one of the corporate divisions at Deutsche Bank with the strongest revenues in 2008. Despite the growing turbulence on the financial markets, PBC reported very satis­factory annual results. In October, a compre­hensive program was launched with the aim of signi­ficantly increasing the number of branches and advisors in the key European markets over the next four years and simul­taneously improving the cost/income ratio. In Germany, PBC increased the number of clients by 420,000 to more than 10 million. Overall, the number was up by 800,000 to 14.6 million. In addition, we acquired new client deposits totalling approximately € 19 billion.
Private Wealth Management

PWM is one of the world’s leading wealth managers, tailoring financial services to the individual needs of affluent and wealthy clients around the globe. With approxi­ma­tely 1,000 wealth advisors and 500 invest­ment managers in 31 countries, it is a market leader in Germany, strong through­out Europe and growing rapidly in other regions, including Asia and the Middle East. In 2008 we strengthened our global presence and client proximity by opening offices in Kolkata, India and St. Peters­burg, Russia. PWM now serves approxima­tely 92,000 clients in 91 locations worldwide.
Asset Management

The Asset Management Division saw increa­sing outflows of funds in the course of the year. Assets under management stood at € 463 billion at the end of 2008, down 17 % from the previous year’s figure of € 555 billion. In line with the esca­lating financial crisis, more than half of this decline occurred in the fourth quarter alone.

Retail’s mutual fund business had assets under management of € 152 billion worldwide at the end of 2008. The steep drop of 35 % against the previous year was driven primarily by the drastic declines in financial asset prices caused by the financial crisis and net cash outflows. In our home market, Germany, DWS retained its long-standing No. 1 ranking in the retail mutual funds business in 2008.

Our alternative investments business was hit by the financial crisis in several ways. As a leading real estate asset manager, we were exposed to difficult conditions in the global real estate markets, while very challenging conditions in the hedge fund industry left their mark on our business in the fourth quarter. At the end of the year, RREEF Alternative Investments managed assets of € 50 billion (2007: € 58 billion).

In 2008, we introduced a new brand – DB Advisors – for our global institutional business. We saw net inflows in virtually all product lines in 2008, and thus managed € 159 billion at the end of the year, a slight increase over € 158 billion at the end of 2007, despite falling equity market valuations during 2008. This satisfactory growth was achieved partly thanks to personnel and organizational measures designed to strengthen sales.

In 2008 this division also saw the launch of a new brand name – Deutsche Insurance Asset Management (Deutsche IAM). For the third year in a row, the division was named the world’s leading manager of non-affiliated insurance assets by Insurance Asset Manager, a leading industry publication. As of December 31, 2008, assets under management amounted to € 102 billion, compared to € 105 billion at the end of 2007.