34The Court has also already held that the management of an investment portfolio is a single supply, composed of the service of analysis and of monitoring the assets of the client investor and the service of purchasing and selling securities, and that both the first and the second are equally indispensable in carrying out the service as a whole (see, to that effect, the judgment of 19 July 2012, Deutsche Bank, C‑44/11, EU:C:2012:484, paragraph 26 and 27).
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