entire - Deutsche Bank Annual Report 2012

Deutsche Bank 01 – Management Report 24
Financial Report 2010 Operating and Financial Review
Private Clients and Asset Management Group Division
The following table sets forth the results of our Private Clients and Asset Management Group Division (PCAM)
for the years ended December 31, 2010 and 2009, in accordance with our management reporting systems.
in € m.
(unless stated otherwise) 2010 2009
Net revenues:
Discretionary portfolio/fund management 2,560 2,083
Advisory/brokerage 1,745 1,531
Credit products 2,708 2,605
Deposits and payment services 2,029 1,875
Other products 1,001 167
Total net revenues 10,043 8,261
therein:
Net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or
loss 4,708 4,157
Provision for credit losses 789 806
Total noninterest expenses 8,258 6,803
therein:
Policyholder benefits and claims – –
Impairment of intangible assets – (291)
Restructuring activities – –
Noncontrolling interests 6 (7)
Income (loss) before income taxes 989 658
Cost/income ratio 82 % 82 %
Assets 412,477 174,739
Average active equity 1 10,635 8,408
Pre-tax return on average active equity 9 % 8 %
Invested assets 2 (in € bn.) 1,179 880
1 See Note 05 “Business Segments and Related Information” to the consolidated financial statements for a description of how average active equity is allocated to the
divisions.
2 We define invested assets as (a) assets we hold on behalf of customers for investment purposes and/or (b) client assets that are managed by us. We manage
invested assets on a discretionary or advisory basis, or these assets are deposited with us.
The following paragraphs discuss the contribution of the individual corporate divisions to the overall results of
the Private Clients and Asset Management Group Division.