Deutsche Asset & Wealth Management reported assets under management of €931 billion ($1.26 trillion) as of Dec. 31, down less than 1% from three months earlier and up less than 1% from a year earlier, confirmed a spokesman for the money manager.
DeAWM suffered net outflows of €8 billion in the quarter, which “were mainly in cash and low-margin products,” a company news release said.
According to a presentation on its preliminary results for the fourth quarter and for 2013, the money manager sustained net outflows of €11.8 billion in 2013, which also were “mainly cash and low-revenue margin products.”
Net revenue was €1.2 billion in the fourth quarter, an increase of 8% from a year earlier, which DeAWM attributed to growth in higher-margin products, in particular in the active and alternative real assets businesses. Revenue was down 6% vs. the third quarter 2013.
