US and German Authorities Investigating Deutsche Bank's DWS Asset Management Group

Kimberly Redmond  |

Video source: YouTube, CNBC International TV

Authorities in the US and Germany are investigating Deutsche Bank’s asset management arm DWS Group following allegations that the firm exaggerated the use of sustainable criteria to manage its assets.

The probe was launched after DWS Group’s former sustainability chief, Desiree Fixler, told The Wall Street Journal

earlier this month that the $1 trillion Frankfurt-based asset manager overstated its environmental, social and governance (ESG) investing efforts.     

The Journal noted that DWS has had difficulties with its ESG investing strategy and “at times painted a rosier-than-reality picture to investors.”

According to Bloomberg, Fixler was

Betting Against Elon Musk Has Not Been Profitable

dismissed in March, just six months after she started in DWS’s newly-created role of group sustainability officer, a move that suggested her progress to mainstream ESG investing was too slow. 

Her responsibilities were taken over by DWS’s chief executive officer Asoka Woehrmann, who has said several times over the past year and a half that sustainability is a key part of his strategy for the asset manager. 

The Federal Financial Supervisory Authority, the firm’s local financial markets regulator, along with the US Securities and Exchange Commission (SEC) and federal prosecutors from the US attorney’s office in Brooklyn, New York, are investigating DWS.  

In a statement, DWS said it stands by its annual report disclosures and rejected what it described as “unfounded allegations.” 

The firm also said it will “remain a steadfast proponent of ESG investing as part of its fiduciary role on behalf of its clients.”


Source: Equities News

Stock price data is provided by IEX Cloud on a 15-minute delayed basis. Chart price data is provided by TradingView on a 15-minute delayed basis.

Trending Articles

Twitter Down 13% in Premarket Trading Friday as Musk Puts Deal on Hold
The Best Laid Plans of Mice and Men — Part I
Bumble Beats First Quarter Estimates, Has Over 3 Million Paying Users
Squarespace Beats Revenue Estimates With Record Q1
BridgeBio Pharma Inks Licensing Deal With Bristol Myers Squibb Worth up to $905 Million
How To Trade in a Bearish Market
AbbVie and Teva Weighing $5 Billion Opioid Lawsuit Settlement
Cigna Beats Q1 Revenue and Earnings Estimates, Raises Full Year Guidance

Market Movers

Sponsored Financial Content