Deutsche Bank’s DWS Sees Net Inflows Slow as War Rattles MarketsDWS Group saw a slowdown in net inflows in the first quarter as volatility sparked by the Iran war rippled across global markets.
Deutsche Bank AG’s asset manager posted net long-term inflows of €6.6 billion in the three months through March, compared with €8 billion in the previous quarter and €11.7 billion a year earlier. The flows were mainly driven by the firm’s lower-margin Xtrackers funds.
After a “solid” start to the year, DWS said the “positive momentum was challenged at the end of February, as the geopolitical environment worsened markedly, heightening uncertainty, increasing volatility and putting pressure on markets, energy prices and inflation.”
The €6.6 billion in inflows — which exclude money in low-margin advisory accounts and cash — are only half the average quarterly amount DWS would need to meet its target of pulling in more than €160 billion from 2026 to 2028. Total assets under management rose 0.7% from the fourth quarter to €1.09 trillion.
The company reduced costs by 5% from the same period last year, helped by lower outlays for technology services and compensation. It confirmed its full-year target of 10% to 15% growth in earnings per share.
Chief Executive Officer Stefan Hoops is looking to position the firm as the preferred asset manager for institutional investors plowing money into Europe. He has also been cutting costs and seeking to build out DWS’s alternatives unit, which has seen mixed client flows in recent years.
Shares in the Frankfurt-listed firm are up 1.6% since the beginning of the year, after rallying more than 40% in 2025.
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