LONDON, July 8 (Reuters) - 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,” Faissola said. ($1 = 0.7331 Euros) (Reporting Kathrin Jones and Simon Jessop Writing by Thomas Atkins; Editing by David Holmes)