Deutsche Bank’s asset and wealth management unit saw net revenues increase 57% in the second quarter year-over-year, according to its latest quarterly earnings report.
The unit earned net revenues of $1.25 billion in the second quarter, buoyed by Deutsche Bank’s first-quarter consolidation of the Sal. Oppenheim Group, which includes BHF Bank, accounting for $191.6 million of second-quarter revenue.
Deutsche Bank’s private wealth management unit's revenues rose 92%, largely because market increases meant more assets, which translated into higher fee revenues for the bank. The unit also benefited from a weak Euro, the earnings release said.
Advisory/brokerage unit revenue rose 34% due to increased investment activity by clients.