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ROUNDUP: Deutsche Bank fund subsidiary DWS earns more than expected

Wednesday, 10/27/2021 9:29 AM from

dpa-AFX

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FRANKFURT (dpa-AFX) – The unbroken stock market boom also leaves the coffers of the Deutsche Bank fund subsidiary DWS ring. More and more people are putting their money in funds, which gives the providers ample income. According to a statement on Wednesday, the DWS received net funds of 12 billion euros in the third quarter alone. In the first nine months of the year it is almost 33 billion. The Frankfurters now manage assets of 880 billion euros, more than ever before. The good business also drove DWS’s profit to a record level. The share rose.


Thanks to the good net inflow of funds, DWS exceeded expectations despite higher investments and higher advertising and travel costs, praised analyst Roberta De Luca from the investment bank Goldman Sachs (Goldman Sachs share).

In the period from July to September, income at DWS grew by almost a fifth year-on-year to 664 million euros – mainly thanks to higher management fees. Adjusted earnings before taxes rose by over a quarter to EUR 271 million. The bottom line was, at 182 million euros, a good fifth more stuck than a year ago.

When it comes to the annual targets, the group management around DWS boss Asoka Wöhrmann sees itself on course. Accordingly, income should increase and profit before taxes adjusted for special effects should increase significantly. In the medium term, the net inflow of funds should continue to reach an average of more than four percent – which DWS achieved after three quarters this year.

The management expects a tailwind for the medium-term growth target, among other things, from the business with investment products around the topic of sustainability (ESG) as well as with passive investments such as exchange-traded funds (ETF).

The SDax company recently focused on the ESG issue. According to media reports, DWS was targeted by the supervisory authorities at the end of August for allegedly overestimating information on sustainability criteria in asset management. Both the US authorities and the German financial regulator Bafin are investigating the DWS.

At the beginning of October, the Bloomberg news agency reported, citing people familiar with the matter, that DWS wanted to take a closer look at its ESG products internally. The US law firm Sullivan & Cromwell was commissioned to do this. They should represent them legally in the USA in the investigations of the US securities authority SEC as well as review the facts internally.

The issue caused the DWS share price to collapse from a level of around 42 euros in August. Since then, it has fluctuated between around 35 and 37 euros. It was only on this Tuesday that the price managed to break out of this range. The good business development in the third quarter now provides further momentum in the middle of the week. Shortly after the start of trading, the paper rose in price by half a percent to 38.16 euros./mis/stw/jha/

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