Deutsche Bank's asset and wealth management back on track

Deutsche Bank - External

Deutsche Bank 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.

Reuters reports that Michele Faissola, who has led restructuring efforts in the underperforming division, said on Tuesday he was on track to meet a target of $2.3bn 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.

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Deutsche Bank says asset management unit back on track

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