Annual Report 2009 on Form 20-F (PDF) - Deutsche Bank Annual ...

Distribution Channels and Marketing
AM markets our retail products in Germany and other Continental European countries generally through our
established internal distribution channels in PWM and PBC. We also distribute our funds through other banks,
insurance companies and independent investment advisors. We market our retail funds outside Europe via
our own Asset and Wealth Management distribution channels and through third-party distributors. DWS Investments
distributes its retail products to U.S. investors primarily through financial representatives at major
national and regional wirehouses, independent and bank-based broker dealers, and independent financial
advisors and registered investment advisors.
Products for institutional clients are distributed through the substantial sales and marketing network within AM
and through third-party distribution channels. They are also distributed through our other businesses, notably
the Corporate and Investment Bank Group Division.
Alternative investment products are distributed through our sales and marketing network within Asset and
Wealth Management and through third-party distribution channels, predominantly to high net worth clients,
institutions and retail customers worldwide.
Insurance asset management solutions are marketed and distributed by AM’s specialist insurance unit, which
provides advisory and portfolio management services for insurers and re-insurers globally.
PWM pursues an integrated business model to cater to the complex needs of high net worth clients and ultra
high net worth individuals, their families and selected institutions. The relationship managers work within target
customer groups, assisting clients in developing individual investment strategies and creating enduring
relationships with our clients.
In our PWM onshore business, wealthy customers are served via our relationship manager network in the
respective countries. Where PBC has a presence, our customers also have access to our retail branch network
and other general banking products. The offshore business encompasses all of our clients who establish
accounts outside their countries of residence. These customers are able to use our offshore services to
access financial products that may not be available in their countries of residence.
In addition, the client advisors of the U.S. Private Client Services business focus on traditional brokerage
offering and asset allocation, including a wide range of third party products.
A major competitive advantage for PWM is the fact that it is a private bank within Deutsche Bank, with its
leading investment banking, corporate banking and asset management activities. In order to make optimal
use of the potential offered by cross-divisional cooperation, since 2007 PWM has established Key Client
Teams in order to serve clients with very complex assets and highly sophisticated needs. PWM offers these
clients the opportunity to make direct additional purchases, coinvest in its private equity activities or obtain
direct access to its trading units. Many family-owned businesses are increasingly expecting wealth management
and investment banking operations to work hand in hand. Cooperation with the corporate banking division
also helps to identify potential PWM clients at a very early stage.
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