The fact that in the Deutsche Bank case the CJEU has followed the reasoning of the Advocate General in seeing discretionary portfolio management as one composite supply rather than two supplies of advice and execution was expected by most commentators. As was the conclusion that the advisory element defined the nature of the overall service with the result that the service should be treated as taxable and not exempt as the funds under management did not fall within the exemption for special investment funds within Article 135(g) of Directive 2006/112IEC.
