SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank
Annual Report 2010 on Form 20-F
Item 4: Information on the Company 27
Our PWM Business Division, which includes wealth management for high net worth clients and ultra high net
worth individuals, their families and selected institutions, is organized into regional teams specialized in their
respective regional markets.
In early 2009, RREEF made the decision to transition out of the rest of its in-house property management
business. RREEF recognized the need to re-focus its efforts on strategic investment planning and decisions, in
addition to the composition and management of client assets from an overall portfolio, asset and risk management
perspective. RREEF established a new Asset Management organization to monitor the third party managers
who will be performing the day to day property management. The property management transition was
completed in 2009 with a remaining transition of the property management accounting staff completed in
November 2010.
On October 1, 2010, management responsibility for the Marblegate Special Opportunities Master Fund, L.P.
changed from Private Wealth Management to Corporate Investments.
In September 2010, AM signed an agreement to sell its Polish subsidiary DWS Polska TFI S.A. to Investors
Holding S.A. The transaction has been approved by local authorities and is expected to be completed during
the first quarter of 2011. To continue distribution of our mutual funds products in the Polish market, AM intends
to enter into an agreement with Investors Holding to distribute our international mutual fund products.
In August 2010, AM successfully completed the spin-off of two independent investment boutiques offering global
thematic equity and agribusiness strategies and a range of quantitative investment strategies.
Since March 2010, Sal. Oppenheim jr. & Cie. S.C.A has been a wholly owned subsidiary of Deutsche Bank AG.
All Sal. Oppenheim Group operations, including all of its asset management activities, the investment bank,
BHF-BANK Group, BHF Asset Servicing GmbH (“BAS”) and Sal Oppenheim Private Equity Partners S.A. were
transferred to Deutsche Bank. The Equity Trading & Derivatives and Capital Markets Sales units were sold to
Australia’s Macquarie Group in the second quarter 2010, while BAS was sold to Bank of New York Mellon in
the third quarter 2010. In December 2010 Deutsche Bank and LGT Group agreed on important aspects of the
sale of BHF-BANK to LGT Group. The two parties have agreed to conduct exclusive negotiations, which are
currently ongoing, concerning the sale of BHF-BANK. The negotiations to finalize the contractual details should
be completed during the first quarter of 2011. As a result of intended closing of this transaction BHF-BANK will
be reported under Corporate Investments (CI) from January 1, 2011.
As of January 1, 2010, management responsibility for Private Equity Group PWM was changed to Asset Management.
In June 2009, PWM DB (Suisse) S.A. integrated its wholly-owned subsidiary Rüd, Blass & Cie AG Bankgeschäft
in Switzerland.
In May 2009, RREEF Private Equity exited its noncontrolling interest in Aldus Equity, an alternative asset management
and advisory boutique specializing in customized private equity investing for institutional and high net
worth investors previously acquired in July 2007.
During the first quarter 2009, management responsibility for certain assets changed from the corporate division
AWM to the group division Corporate Investments. These assets included Maher Terminals, a consolidated
infrastructure investment, and RREEF Global Opportunity Fund III, a consolidated real estate investment fund.