DWS Group saw outflows of €2.5 billion in the first three months of the year but described the quarter as strong and the business as resilient.
The outflows were a marked reversal of the €13.2 billion of inflows that the German asset manager received in the final quarter of last year and assets under management declined in the most recent quarter to €700 billion (from €767 billion), including the market impact.
DWS’s active equity range did see €1.7 billion of inflows, which was higher than in the previous quarter. However, the figure was offset by outflows from other active strategies such as multi-asset.
The firm saw revenues of €524 million, which compares to €534 million in the same period last year.
Asoka Woehrmann, chief executive, said: “In an unprecedented situation, we recorded a strong first quarter, proving the resilience of our business. This enables us to maintain our mid-term target of an adjusted cost-income ratio of below 65% by the end of 2021.”
Woehrmann added that the firm will “navigate securely” through the covid-19 crisis.
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