EQS-News

Q1 2024: DWS Generates Strong Net Inflows and Reaches New All-Time High for Assets under Management - Seite 2

 

Business Development

 

In the first quarter of 2024 DWS continued its refined strategy (“Reduce. Value. Growth. Build”) successfully, generating high net inflows and reaching a new all-time high for Assets under Management.

 

Driven by very strong net new assets in its growth area Passive including Xtrackers and supported by a return to net inflows in Active the company generated Long-term net inflows (ex Cash and Advisory Services) of EUR 7.9 billion. Including Cash and Advisory Services, net flows were EUR 7.8 billion, whereof EUR 1.7 billion came from ESG[3] products. Total Assets under Management (AuM) rose by EUR 45 billion quarter-on-quarter to a new record high of EUR 941 billion. This was driven by net inflows, positive market developments and benign impacts from exchange rate movements in Q1 2024.

 

Adjusted revenues decreased slightly by 1 percent quarter-on-quarter. While management fees rose as a result of higher average AuM, performance and transaction fees declined due to seasonally lower performance fees compared to the fourth quarter. DWS reduced the adjusted cost base by 2 percent quarter-on-quarter driven by lower general and administrative expenses. The adjusted Cost-Income Ratio improved to 64.7 percent in Q1 2024 and is in line with DWS’ outlook for 2024 to develop within a range of 63 to 65 percent. The adjusted profit before tax increased by 2 percent quarter-on-quarter, while net income rose by 20 percent.

 

 

In Detail

 

Adjusted revenues decreased slightly by 1 percent to EUR 653 million in the first quarter (Q4 2023: EUR 659 million). While management fees increased as a result of higher average AuM, performance and transaction fees declined due to seasonally lower performance fees compared to the fourth quarter.

 

Adjusted profit before tax increased by 2 percent to EUR 231 million in the first quarter (Q4 2023: EUR 226 million). This was driven by reduced adjusted costs. After tax, DWS posted a quarter-on-quarter 20 percent higher net income of EUR 146 million for the first quarter 2024 (Q4 2023: EUR 122 million).