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Information About the Deka Group Deka Group Annual Report 2020 Group management report | Information about the Deka Group Deka Group Annual Report 2020 Information about the Deka Group Deka Group profile and strategy ................................................................................................. 13 Business divisions, sales units and corporate centres ................................................................... 20 Influencing factors and market position ..................................................................................... 25 Risk and profit management at the Deka Group ......................................................................... 26 Deka Group profile and strategy Millions of people in Germany save using investment funds, ETFs and certificates. The Deka Group managed total customer assets of €339.2bn at the reporting date, making it one of the largest providers of these products in Germany. The Deka Group is the securities service provider (the Wertpapierhaus) for the savings banks. It brings together banking and fund business under one roof – a winning combination for its customers. Deka has been a reliable partner to investors and institutional partners for over 100 years. Legal structure DekaBank Deutsche Girozentrale (DekaBank) is a German federal institution incorporated under public law with registered offices in Frankfurt am Main and Berlin. DekaBank and its subsidiaries in Germany and other countries make up the Deka Group, which is wholly owned by the German savings banks. 50% of the shares are held via Deka Erwerbsgesellschaft mbH & Co. KG. The savings banks hold their interests via this company, which is owned by their regional savings bank and giro associations. The other 50% of the shares are held by the German Savings Bank and Giro Association (Deutscher Sparkassen- und Giroverband – DSGV ö.K.). The historical development of the Deka Group’s predecessor institutions, together with its ownership structure, make it a key part of the Sparkassen-Finanzgruppe (Savings Banks Association). DekaBank is a member of the deposit guarantee scheme of the Landesbanken and Girozentralen. Organisational structure The Deka Group divides its business into five business divisions that bring together similar activities from across different companies. Asset management activities are handled by the Asset Management Securities and Asset Management Real Estate business divisions. The Group’s banking business is covered by the Capital Markets and Financing business divisions. The fifth business division – Asset Management Services – provides banking services for asset management. The sales units Savings Banks Sales and Institutional Customer Sales serve as the interface with sales partners and customers. The corporate centres support the business divisions and sales departments throughout the value chain. 13 Group management report | Information about the Deka Group Deka Group Annual Report 2020 Deka Group – The Wertpapierhaus for the savings banks at a glance (Fig. 1) Major companies and locations The Deka Group’s business is managed from the head office in Frankfurt am Main. Frankfurt is also home to the major investment management companies, such as Deka Investment GmbH, Deka Immobilien Investment GmbH, Deka Vermögensmanagement GmbH and the robo-advisor company bevestor GmbH. A further investment management company – WestInvest GmbH – is based in Düsseldorf. S Broker AG & Co KG has its registered office in Wiesbaden, while S-Pensions-Management GmbH (in which DekaBank has a 50% shareholding) is headquartered in Cologne. The most important international office is in Luxembourg. The Deka Group successfully completed its strategic realignment in Luxembourg in 2020. This involved transferring the business activities of DekaBank Deutsche Girozentrale Luxembourg S.A. to DekaBank Deutsche Girozentrale Niederlassung Luxemburg. DekaBank Deutsche Girozentrale Luxembourg S.A. returned its banking licence in spring 2020. The company has been renamed Deka Verwaltungsgesellschaft Luxembourg S.A. Its primary purpose is to hold equity investments. International Fund Management S.A., Luxembourg, was dissolved on 14 May 2020 following the transfer of its business activities to Deka International S.A. and the Luxembourg branch of Deka Vermögensmanagement GmbH. The Deka Group is now represented in Luxembourg by DekaBank Deutsche Girozentrale Niederlassung Luxemburg and the investment management companies: Deka International S.A., Deka Immobilien Luxembourg S.A., Deka Vermögensmanagement GmbH (Luxembourg branch) and Deka Verwaltungs- gesellschaft Luxembourg S.A. Deka acquired the Austrian company Fonds-Manufaktur IQAM Invest GmbH with effect from 1 January 2021. In Europe, the fund boutique plays an important role in quantitative fund management by developing its own models. With the purchase, Deka is building on its position as a leading provider of quantitative product solutions and enhancing its outstanding academic expertise in the German-speaking countries. Corporate management and supervision Social and political requirements in the interests of good and responsible corporate management and supervision are growing. As an institution incorporated under public law, Deka is not subject to the German Corporate Governance Code. Nevertheless, the Deka Group strictly adheres to the principles of good and responsible corporate governance. 14 Group management report | Information about the Deka Group Deka Group Annual Report 2020 The concept for the management and supervision of the Group ensures that the responsibilities of boards and committees are clearly defined and enables efficient decision-making processes. As a member of the Sparkassen-Finanzgruppe, the Deka Group is committed to the principles of subsidiarity and a focus on the greater good. Both the company’s own Code of Ethics and the risk culture framework are based on this commitment. The Code of Ethics guides the actions of the boards, committees and employees. It is the basis for a corporate culture within the Deka Group that complies with the law, is open and transparent, and seeks to add value. The risk culture framework lays down binding guidelines for the responsible handling of risks in the Deka Group and for compliance among employees, managers and Board members in relation to this. DekaBank is managed collectively by the Board of Management. The Board of Management takes a holistic approach, always considering the entirety of the Deka Group and the strategic direction and risks. The Board is divided into divisions, each under the responsibility of a designated member. This ensures a clear distribution of roles and core competencies in the Board of Management. DekaBank completed its restructuring of the Board of Management in 2020. The long-standing deputy CEO Dr. Georg Stocker took over as CEO on 1 January. With effect from 1 May, Daniel Kapffer took over the role of Chief Financial Officer in addition to his existing responsibilities as Chief Operating Officer. The asset management business divisions were brought together under the remit of Dr. Matthias Danne. In early July, he was also appointed as deputy CEO. Finally, in June, Birgit Dietl-Benzin joined DekaBank as the Chief Risk Officer. The Board of Management consisted of five members as of the reporting date. The responsibilities of the individual members at the reporting date were as follows: • CEO & Sales: Dr. Georg Stocker • Deputy CEO & Asset Management: Dr. Matthias Danne • Risk (CRO): Birgit Dietl-Benzin • Finance (CFO) & Operations (COO): Daniel Kapffer • Banking business: Martin K. Müller At its meeting on 2 December 2020, the Administrative Board of DekaBank appointed Torsten Knapmeyer as Chief Sales Officer with effect from 1 April 2021. In this role, he will be responsible for both retail and institutional customer sales. Mr Knapmeyer has already been responsible for sales since the beginning of 2020 in the role of executive manager within the remit of the CEO, Dr. Georg Stocker. The members of the Board of Management are supported by in-house management committees in an advisory capacity. In addition, DekaBank actively incorporates representatives of the Sparkassen-Finanzgruppe into its decision-making process via three specialist advisory boards, which advise the Board of Management, and six regional sales committees (securities committees of the regional savings banks). The Board of Manage- ment benefits from their market proximity and expertise to develop business further. The Administrative Board oversees the Board of Management and thus performs a supervisory role. It comprises shareholder and employee representatives as well as representatives from the Bundesvereinigung der kommunalen Spitzenverbände (German Federal Association of Central Municipal Organisations), who act in an advisory capacity. The Administrative Board’s work is performed in part by the full Board and in part by various committees. To this end, the Administrative Board has established a General and Nomination Committee, an Audit Committee, a Risk and Credit Committee and a Remuneration Supervision Committee. With the exception of the employee representatives and representatives from the Bundesvereinigung der kommunalen Spitzenverbände, the members of the Administrative Board are appointed by the Shareholders' Meeting. 15 Group management report | Information about the Deka Group Deka Group Annual Report 2020 The responsibilities of the boards and committees are assigned by the Bank’s statues. The Administrative Board has adopted rules of procedure
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