Expected extraordinary group support from its German savings banks owners if needed. One of the leading domestic asset managers, benefitting from integration into the German savings bank sector. Adequate capital and liquidity compared with other German commercial banks. Potential earnings volatility due to credit spread risk and fairly concentrated commercial business. Reliance on wholesale funding. Recovery of mutual fund performance still relatively recent after several years of substandard performance compared with other asset managers. Standard&Poor's Ratings Services' outlook on Deutsche Girozentrale (DekaBank), Germany-based provider of asset management and securities services for savings banks, is positive. DekaBank's ultimate owners are the group of German savings banks, which took over the bank in 2011. The positive outlook reflects the potential
