In the Deutsche Bank case, the ECJ has decided that the exemption for transactions in securities is not applicable to portfolio management services for individual clients. The ECJ ruled that portfolio management is a single supply, which also contains VAT taxable elements and should therefore be excluded from the VAT exemption. In some EU countries this decision will have a significant impact for the asset management industry as portfolio management for clients was regarded as a service which could (partially) benefit from the exemption.