Deutsche Bank’s newly consolidated asset and wealth management unit reported a 65% decline in pre-tax profits in the third quarter compared to last year, despite an overall increase in net revenue, as the bank invested heavily in the integration of the two business lines.

The German bank spent €91m in the third quarter as part of a strategic initiative announced by co-chief executives Jürgen Fitschen and Anshu Jain in September to integrate the asset and wealth management arms.