DWS Group
{{Short description|German investment management firm}}
{{Use dmy dates|date=December 2023}}
{{Infobox company
| name = DWS Group GmbH & Co. KGaA
| native_name =
| logo = DWS Group 202x logo.svg
| type = GmbH & Co. KGaA
| traded_as = {{FWB|DWS}}
SDAX Component
| ISIN = {{ISIN|sl=n|pl=y|DE000DWS1007}}
| industry = Investment management
| products = Mutual Funds
ETFs
Alternative Investments
| founded = {{start date and age|1956}}
| hq_location_city = Mainzer Landstraße 11-17, Frankfurt
| hq_location_country = Germany
| revenue = {{increase}} €2.603 billion (FY 2023)
| net_income = {{increase}} €553 million (FY 2023)
| aum = €1,010 billion (31 March 2025){{Cite web|title=DWS Facts & Figures |url=https://www.dws.com/en-be/our-profile/facts-and-figures/|access-date=11 May 2025}}
| assets = {{increase}} €11.68 billion (FY 2023)
| equity = {{increase}} €7.82 billion (FY 2023)
| owner = Deutsche Bank (79.49%)
| num_employees = 4,378 (FY 2023)
| key_people = Stefan Hoops (CEO)
| website = {{URL|https://www.dws.com/|dws.com}}
}}
The DWS Group (Formerly: Deutsche Asset Management) commonly referred to as DWS, is a German asset management company. It previously operated as part of Deutsche Bank until 2018 where it became a separate entity through an initial public offering on the Frankfurt Stock Exchange.{{Cite web|title=Asset Manager: Deutsche Bank ready to spin off DWS fund manager in IPO|url=https://www.handelsblatt.com/english/finance/asset-manager-deutsche-bank-ready-to-spin-off-dws-fund-manager-in-ipo/23581280.html|access-date=1 March 2021|website=www.handelsblatt.com|language=en}}{{Cite web|last=Meredith|first=Sam|date=23 March 2018|title=Shares of Deutsche Bank's DWS edge higher in stock market debut|url=https://www.cnbc.com/2018/03/23/deutsche-banks-dws-ipo-in-stock-market-debut.html|access-date=1 March 2021|website=CNBC|language=en}} It is currently headquartered in Frankfurt, Germany and is a constituent member of the SDAX index.
History
DWS was founded in Hamburg in 1956 as "Deutsche Gesellschaft für Wertpapiersparen mbH" (German Enterprise for Securities Savings), the name was later shortened to DWS, "Die Wertpapier Spezialisten" (The Fund Specialists). Originally, the activities involved products and investment services that were initially offered to investors in Germany and throughout Europe. Activities under the DWS Investments brand were later expanded to include separate line-ups of products and investments services for investors in the USA, Asia and other regions.{{Cite web|title=60 Years of Asset Management|url=https://funds.dws.com/lu/60_Years_of_Asset_Management/History|access-date=1 March 2021|website=funds.dws.com}}
Originally Deutsche Bank held 30% of DWS while the rest was held by other financial institutions.{{Cite book|last=Müller|first=Martin L.|title=DWS-Investments: eine Erfolgsgeschichte 1956 – 2006|publisher=Piper Verlag|year=2006|isbn=3492049435|pages=26}} However, by 2004, DWS was wholly owned by Deutsche Bank.{{Cite web|title=Deutsche Bank Annual Report 2004 - Acquisitions and Divestitures|url=https://annualreport.deutsche-bank.com/2004/ar/notes/notes27-38/28businesssegmentsandrelatedinformation/acquisitionsanddivestitures.html|access-date=1 March 2021|website=annualreport.deutsche-bank.com}}{{Dead link|date=January 2024 |bot=InternetArchiveBot |fix-attempted=yes }}
In 2009, DWS took control over Rosenberg Real Estate Equity Funds (RREEF) which was also owned by Deutsche Bank.{{Cite web|title=DWS übernimmt Fondsverwaltung von RREEF|url=https://www.fondsprofessionell.de/news/unternehmen/headline/dws-uebernimmt-fondsverwaltung-von-rreef-66784/|access-date=1 March 2021|website=www.fondsprofessionell.de|language=de}}
In 2012, Deutsche Bank announced the establishment of its Asset & Wealth Management (AWM) division which DWS was fully integrated into.{{Cite web|title=Deutsche Bank Annual Report 2012 - Asset & Wealth Management|url=https://annualreport.deutsche-bank.com/2012/ar/managementreport/outlook/assetwealthmanagement.html|access-date=1 March 2021|website=annualreport.deutsche-bank.com|language=en|archive-date=27 October 2021|archive-url=https://web.archive.org/web/20211027060740/https://annualreport.deutsche-bank.com/2012/ar/managementreport/outlook/assetwealthmanagement.html|url-status=dead}} The DWS brand name was retained as the name for the German retail business. However, in 2015, AWM was split into Deutsche Asset Management and Deutsche Bank Wealth Management.{{Cite web|last=Ricketts|first=David|date=25 October 2015|title=Deutsche splits asset and wealth management|url=https://www.ft.com/content/e1f3d61a-77e4-11e5-933d-efcdc3c11c89|url-status=live|access-date=1 March 2021|website=www.ft.com|archive-url=https://web.archive.org/web/20190927101807/https://www.ft.com/content/e1f3d61a-77e4-11e5-933d-efcdc3c11c89 |archive-date=27 September 2019 }}
In 2017, Deutsche Asset Management was rebranded to DWS with Deutsche Bank planning to publicly list a minority stake of it.{{Cite news |date=5 December 2017 |title=Deutsche asset management to rebrand as DWS, plans KGaA structure |language=en |work=Reuters |url=https://www.reuters.com/article/us-deutsche-bank-asset-management-idUSKBN1DZ0ZX |access-date=15 July 2023}}
In 2018, DWS was spun off as a separate company through an initial public offering on the Frankfurt Stock Exchange. However, despite being a separate company, the majority of DWS shares are still held by Deutsche Bank at 79.49%.{{Cite web|last=MarketScreener|title=DWS GROUP GMBH & CO. KGAA : Shareholders Board Members Managers and Company Profile {{!}} DE000DWS1007 {{!}} MarketScreener|url=https://www.marketscreener.com/quote/stock/DWS-GROUP-GMBH-CO-KGAA-42452445/company/|access-date=1 March 2021|website=www.marketscreener.com|language=en}}
In October 2018, DWS named Asoka Woehermann as the replacement for former CEO Nicolas Moreau.{{Cite web|title=DWS Group Names New CEO|url=https://www.institutionalinvestor.com/article/b1bjv6vgy9kxwy/DWS-Group-Names-New-CEO|access-date=11 September 2021|website=Institutional Investor|date=25 October 2018 |language=en-gb}}
In 2022, Asoka Wöhrmann resigned from his post of CEO after the company's offices in Frankfurt were raided by police.{{Cite news |date=1 June 2022 |title=DWS chief resigns after police raid over greenwashing claims |work=Financial Times |url=https://www.ft.com/content/50f5c4a1-5ebe-40cc-a89f-2952f58ba324 |access-date=1 June 2022}} He was replaced by Stefan Hoops who was previously head of the corporate bank at Deutsche Bank.
Controversies
= Sustainable investing =
A DWS annual report in 2020 claimed that half of the company's assets ran through environmental, social and corporate governance (ESG) criteria. An internal report contradicted this, and stated that only a small amount of the firm's investments applied ESG.{{Cite web |date=1 August 2021 |title=Fired executive says Deutsche Bank's DWS overstated sustainable-investing efforts |url=https://www.foxbusiness.com/markets/fired-executive-says-deutsche-banks-dws-overstated-sustainable-investing-efforts |access-date=11 September 2021 |website=The Wall Street Journal |language=en-US}} As a result of the probe, German regulators began investigating Deutsche Bank president Karl von Rohr's role in the DWS.{{Cite web |title=Deutsche Bank Contacted by Regulator Over Von Rohr's Role at DWS |url=https://news.bloomberglaw.com/banking-law/deutsche-bank-contacted-by-regulator-over-von-rohrs-role-at-dws |access-date=11 September 2021 |website=news.bloomberglaw.com |language=en}}
In 2021, The Wall Street Journal reported that the United States Department of Justice and U.S. Securities and Exchange Commission were investigating DWS' claims of sustainable investing.{{Cite news |last=Michaels |first=Patricia Kowsmann, Corinne Ramey and Dave |date=25 August 2021 |title=WSJ News Exclusive {{!}} U.S. Authorities Probing Deutsche Bank's DWS Over Sustainability Claims |url=https://www.wsj.com/articles/u-s-authorities-probing-deutsche-banks-dws-over-sustainability-claims-11629923018 |access-date=11 September 2021 |work=Wall Street Journal |language=en-US |issn=0099-9660}}{{Cite web |last=Taylor |first=Chloe |date=26 August 2021 |title=US authorities investigating Deutsche Bank's DWS Group over sustainable investing claims: WSJ |url=https://www.cnbc.com/2021/08/26/us-authorities-investigating-dws-groups-sustainable-investing-claims-wsj.html |access-date=11 September 2021 |website=CNBC |language=en}}
In September 2023, DWS agreed to pay $25 million to settle the SEC's charges that DWS failed to develop a mutual fund anti-money laundering program and made misstatements regarding its ESG investment process. DWS did not admit or deny the SEC's findings in its settlements.
{{Cite web |title=Deutsche Bank Subsidiary DWS to Pay $25M for ESG Misstatements, Anti-Money Laundering Violations |url=https://www.marketwatch.com/story/deutsche-bank-subsidiary-dws-to-pay-25m-for-esg-misstatements-anti-money-laundering-violations-bf84f424 |access-date=25 September 2023 |website=MarketWatch |language=EN-US}} The greenwashing complaint was led by DWS's previous head of ESG, Desiree Fixler. The DWS's "ESG integration policy" labelled €459bn in assets as green. Adjusting the measurement criteria resulted in a 75 per cent fall in assets reported as green.{{Cite news |last1=Storbeck |first1=Olaf |last2=Palma |first2=Stefania |date=25 September 2023 |title=Deutsche Bank's DWS to pay $25mn to settle SEC probes |url=https://www.ft.com/content/02b19456-d3ed-4c3f-9c39-ec95d81a62ae |access-date=5 November 2023 |work=Financial Times}}
Sponsorships
DWS Investments UK sponsored English professional football club, Aston Villa F.C. from 2004 to 2006. After DWS Investments UK was bought out by Aberdeen Asset Management, DWS decided it would not renew its sponsorship contract as it had no more business links with the UK.{{Cite web|date=20 January 2006|title=Villa lose their shirt sponsors|url=http://www.theguardian.com/football/2006/jan/20/newsstory.sport13|access-date=1 March 2021|website=the Guardian|language=en}}
References
{{Reflist}}
External links
- {{official website|http://www.dws.com}}
{{Deutsche Bank}}
{{SDAX companies}}
{{Major asset management companies}}
{{Authority control}}
Category:Financial services companies established in 1956
Category:Investment management companies of Germany