LONDON, July 8 Deutsche Bank AG said
its asset and wealth management unit was back on track after two
years of restructuring, and was growing quickly with new client
money pouring in at an accelerating pace.
Michele Faissola, who has led restructuring efforts in the
underperforming division, said on Tuesday he was on track to
meet a target of 1.7 billion euros ($2.3 billion) in pretax
profit by 2015, more than double last year's total and more than
10 times its 2012 result.
"Our ambition is to be the growth engine for the Deutsche
Bank group," Faissola said, in part by winning over super-rich
clients in Asia in direct competition with similarly positioned
banks such as JP Morgan and Credit Suisse.
New client money in the second quarter of 2014 poured into
the division at the fastest pace ever, Faissola said, after some
quarters in the recent past saw net outflows. The bank plans to
report detailed quarterly results on July 29.
"The flows are starting to kick in. Q1 was a positive
quarter and Q2, I'm pleased to report, so far, has been the best
quarter," he said at a conference.
The division has no plans to sell any of its activities and
has, rather, added 1,000 staff in the past year, with plans to
recruit more wealth managers specialising in elite clients in
London and in Asia, he said.
"We are progressing quite fast. 2013 showed we were
delivering on our ambitions and that the strategy is working,"
($1 = 0.7331 Euros)
(Reporting Kathrin Jones and Simon Jessop Writing by Thomas
Atkins; Editing by David Holmes)