Deutsche Bank's UK institutional asset management unit continued to suffer significant outflows in the first quarter, while the bank's overall assets shot up by 24 billion euros.
Revenue at the asset management division dropped 2% to 891 million euros, while pretax profit declined 17% to 129 million euros. The division, led by Kevin Parker, has struggled to curb client defections in Britain, Europe's largest pension market, with customers withdrawing a net 43 billion euros in 2004.
The Asia-Pacific institutional asset management and the U.S. retail businesses also reported fund outflows in the quarter, Deutsche Bank said on Friday, without providing details.
The company said it hasn't decided whether to sell or try to fix its ailing UK unit, and added that it might say more at the end of this quarter.