SEC Form 20-F - Deutsche Bank Annual Report 2012
SEC Form 20-F - Deutsche Bank Annual Report 2012
SEC Form 20-F - Deutsche Bank Annual Report 2012
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<strong>Deutsche</strong> <strong>Bank</strong><br />
<strong>Annual</strong> <strong>Report</strong> <strong>20</strong>10 on <strong>Form</strong> <strong>20</strong>-F<br />
Item 4: Information on the Company 29<br />
ture Investment, a European and Australasian private equity infrastructure investor, and North American Energy<br />
Investment, which makes private equity investments in energy-related projects throughout North America.<br />
The Insurance platform provides clients with customized investment programs designed to address an insurer’s<br />
specific needs. It offers investment solutions across multiple asset classes, including traditional fixed income,<br />
equities, asset allocation services, and alternative asset classes such as hedge funds and real estate.<br />
Institutional products and services are marketed under the DB Advisors brand. The Institutional business offers<br />
its clients access to AM’s full range of products and services, including both traditional and alternative investments.<br />
The single-manager/multi-manager hedge fund business operates within DB Advisors.<br />
PWM provides a fully-integrated service offering for its clients based on dynamic strategic asset allocation<br />
including individual risk-management according to the clients’ risk/return profile.<br />
PWM offers discretionary portfolio management, in which our portfolio managers have discretion to manage clients’<br />
investments within the clients’ general guidelines. The portfolio managers invest client funds in various investment<br />
products, such as stocks, bonds, mutual funds, hedge funds and other alternative investments including<br />
derivatives, where appropriate. In addition, we offer wealth advisory services for actively-involved clients with<br />
customized investment advice via a unique combination of risk management and portfolio optimization.<br />
PWM also provides brokerage services in which our relationship managers and client advisors provide investment<br />
advice to clients but we do not exercise investment discretion. An integrated approach to wealth management<br />
is the core of our advisory services. Our investment advice covers stocks, bonds, mutual funds, hedge funds<br />
and other alternative investments, including derivatives where appropriate. The relationship managers also<br />
advise their clients on the products of third parties in all asset classes. Furthermore, our solutions include wealth<br />
preservation strategies and succession planning, philanthropic advisory services, art advisory services, family<br />
office solutions and services for financial intermediaries.<br />
PWM continued to expand its offering of alternative investments in <strong>20</strong>09, especially with respect to innovative<br />
solutions within the private equity and hedge funds asset classes. Going forward, real estate offerings will be<br />
broadened. PWM generates foreign exchange products, as well as structured investment products in cooperation<br />
with the Markets Business Division.<br />
PWM’s loan/deposit products include traditional and specialized deposit products (including current accounts,<br />
time deposits and savings accounts) and both standardized and specialized secured and unsecured lending. It<br />
also provides payment, account & remaining financial services, processing and disposition of cash and non-cash<br />
payments in local currency, international payments, letters of credit, guarantees, and other cash transactions.<br />
AWM generates revenues from other products, including direct real estate investments included in our alternative<br />
investments business, rental revenues and gains and losses earned on real estate deal flows and revenues<br />
that are not part of our core business, specifically, the gain on sale of investments.<br />
Distribution Channels and Marketing<br />
AM markets our retail products in Germany and other Continental European countries generally through our<br />
established internal distribution channels in PWM and PBC. We also distribute our funds through other banks,<br />
insurance companies and independent investment advisors. We market our retail funds outside Europe via our<br />
own Asset and Wealth Management distribution channels and through third-party distributors. DWS Investments<br />
distributes its retail products to U.S. investors primarily through financial representatives at major na-
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