Deutsche Bank AG is restructuring its DB Advisors hedge fund business in the coming weeks. DB Adviso...
Deutsche Bank AG is restructuring its DB Advisors hedge fund business in the coming weeks. DB Advisors was blamed for almost halving the third quarter revenues of Deutsche's equity department. Equity revenues fell to e400m from e745m over the same period in 2003. Josef Ackermann, chairman of the group executive committee at Deutsche, said: "The equity derivative and prime services businesses performed strongly, but continued difficult market conditions adversely affected DB Advisors. In addition, while the customer flow portion of the convertibles' business remained profitable, low volatility and narrowing spreads negatively impacted the convertibles proprietary trading portfolios. Revenues in both DB Advisors and convertibles were significantly below the levels of the third quarter 2003."
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