DWS Group

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DWS Group GmbH & Co. KGaA

logo
legal form GmbH & Co. KGaA
ISIN DE000DWS1007
founding 1956
Seat Frankfurt am Main , Germany
GermanyGermany 
management Asoka Woehrmann
Number of employees 3,443
sales EUR 2.26 billion (2018)
Branch Financial services
Website www.dws.com
As of December 31, 2018

The DWS Group GmbH & Co. KGaA ( DWS ), headquartered in Frankfurt am Main is one of Deutsche Bank's associated, publicly traded asset manager . The company was founded in 1956, manages almost 750 billion euros, and was wholly owned by Deutsche Bank from 2004 until its IPO in 2018.

Company profile

The DWS Group is a listed asset manager based in Frankfurt am Main; other locations are London, New York and Hong Kong. In addition to the global umbrella brand DWS, which also denotes the business with actively managed investment funds, the company carries the brands RREEF for real estate and alternative investments and Xtrackers for passively managed, exchange- traded funds (ETF). As of March 31, 2018, the company managed assets of EUR 676 billion. The main shareholder of the DWS Group is Deutsche Bank.

The asset manager was founded on May 22, 1956 as the German Society for Securities Saving (DWS) in Hamburg. Deutsche Bank initially held a 30 percent stake, the remaining shares were held by institutions such as Sal. Oppenheim , Georg Hauck & Sohn and the Metzler bank .

The DWS brand has been used as a global umbrella brand since December 5, 2017. The brand change of all units and product lines should be completed in the course of 2018. In the meantime, as a division of Deutsche Bank, the company had operated as Deutsche Asset Management, later as Deutsche Asset & Wealth Management and from 2016 again as Deutsche Asset Management.

The DWS Group operates as a GmbH & Co. KGaA . The chairman of the KGaA's supervisory board is Karl von Rohr . The general partner of the KGaA is DWS Management GmbH. The management consists of: Asoka Wöhrmann (Chief Executive Officer and Chairman of the Management Board), Claire Peel (Chief Financial Officer), Mark Cullen (Chief Operating Officer), Nikolaus von Tippelskirch (Chief Control Officer), Stefan Kreuzkamp (Chief Investment Officer and Co -Head, Investment Group), Pierre Cherki (Co-Head, Investment Group), Bob Kendall (Co-Head, Global Coverage Group) and Dirk Goergen (Head of EMEA Coverage). Wöhrmann, von Tippelskirch, Kreuzkamp and Goergen are based in Frankfurt, Peel and Eilbeck in London, Cherki and Kendall in the USA. Wöhrmann succeeded Nicolas Moreau, who stepped down as CEO on October 25, 2018 with immediate effect.

structure

The DWS Group offers actively and passively managed fund products as well as alternative investments for private and institutional clients. The publicly offered products are sold under the brand names DWS (actively managed securities funds) and Xtrackers (ETFs) as well as RREEF (alternative investments, e.g. real estate and infrastructure funds). Since October 2017, all products have been managed from a common platform. At the same time, the company restructured its top management team. The investment team and the sales team (called “coverage” within the company) are each led by two heads. The so-called investment group is led by Kreuzkamp and Cherki. The Coverage Group is led by Goergen and Kendall. The four managers report to Wöhrmann, who, unlike Moreau, is no longer a member of the board of directors of Deutsche Bank, but a general representative for the asset management business.

Key figures

In 2018, the DWS Group generated sales of 2.3 billion euros - after 2.5 billion euros in 2017. The net cash outflows in 2018 reached 22 billion euros (previous year: 16 billion euros inflows). The pre-tax result in 2018 amounted to 586 million euros after 621 million euros in the previous year. At the end of 2018, the assets under management amounted to 662 billion euros after 702 billion euros at the end of the previous year.

Business areas

In the actively managed securities fund business , the DWS Group managed a volume of 493 billion euros at the end of the first quarter of 2018. The mutual and special funds invest in bonds , stocks , multi-asset and liquidity . The largest equity fund by volume is DWS Top Dividende LD (DE0009848119). Other well-known funds include DWS Concept Kaldemorgen (LU0599947198), DWS Aktienstrategy Germany (DE000DWS2D82), DWS Germany (DE0008490962) and DWS Investa (DE0008474008). The latter has outperformed the DAX over its entire 30-year history; of the six funds that achieved this, it was the best performing. Finanztest recommended DWS Aktienstrategy Germany as one of the top funds for German stocks.

In the business with passively managed funds, the DWS Group offers exchange-traded funds (ETF) and exchange-traded commodities (ETC), systematic funds as well as institutional, passive mandates. The assets under management totaled 113 billion euros at the end of the first quarter of 2018. This also includes the ETF and ETC products that are sold under the name Xtrackers. Xtrackers is one of the largest providers of exchange-traded funds in Europe. The DWS Group's ETF business began in 2007 under the umbrella of Deutsche Bank with a range of synthetically replicating ETFs. Most of the ETF's assets are now physically replicated. The largest ETFs from Xtrackers track the EURO STOXX 50 and the DAX .

The third business area of ​​the DWS Group are the alternative investments, which are sold under the RREEF brand . These primarily include real estate and infrastructure funds . The assets under management amounted to 70 billion euros at the end of the first quarter of 2018. The best-known products include the open real estate funds grundbesitz Fokus Deutschland RC (DE0009807081) and grundbesitz Europa RC (DE0009807008).

initial public offering

The IPO of the DWS Group, announced by Deutsche Bank on March 5, 2017, took place on March 23, 2018. The issue volume was estimated in advance in media reports at around EUR 2 billion. In an interview with Handelsblatt in September 2017, the then CEO Moreau highlighted the asset manager's profitability, earnings power and cash inflows. Nevertheless, Deutsche Bank was only able to place 22.25% instead of the planned 25% of the shares on the market. The issue price was 32.50 euros per share; for listing on the stock exchange , this meant a market capitalization of 6.5 billion euros.

The DWS Group share has started in the Prime Standard of the German stock exchange. On June 20, 2018, the company was included in the SDAX small-cap index . Inclusion in the MDAX would be possible due to the market capitalization, but the free float is too small for this due to the large stake that Deutsche Bank still holds.

history

May 22, 1956 Foundation of the German Society for Securities Saving (DWS) in Hamburg with actively managed funds. The founding consortium included: Deutsche Bank with 30%, Brinckmann , Wirtz & Co., Metallgesellschaft, Sal. Oppenheim jr. & Cie with 8% each, Badische Bank , Delbrück Schickler & Co. with 7% each and the Berliner Disconto Bank, Deutsche Unionbank, Conrad Hinrich Donner , Georg Hauck & Sohn, B. Metzler , Schröder Gebrüder & Co. , Alwin Steffan and August Thyssen-Bank with 4% each.
2004 Retirement of the Hauck & Aufhäuser Privatbankiers bank. DWS wholly owned by Deutsche Bank.
01/10/2007 Launch of the ETF platform db X-trackers within Deutsche Bank.
04/07/2009 DWS takes over the fund administration of RREEF .
09/12/2012 Deutsche Bank announces creation of the "Deutsche Asset & Wealth Management" division and full integration of DWS. At the same time, business with passively managed products and mandates (X-trackers) will be transferred from Deutsche Bank to the new unit. DWS will continue to be used as the name for the German retail business . The bank has been a co-owner of DWS since it was founded in 1956.
03/17/2016 The Asset & Wealth Management units will be separated from one another. The asset management now trades under the name Management German asset.
05.03.2017 Deutsche Bank will announce the IPO of its asset manager within 24 months.
05.12.2017 Deutsche Asset Management announces the introduction of the DWS brand as a global umbrella brand (from the end of Q1 2018).
03/23/2018 DWS goes public on the Frankfurt Stock Exchange , almost exactly one year after the announcement by Deutsche Bank.

literature

  • Martin L. Müller: DWS Investments. A success story 1956–2006. Piper, Munich / Zurich 2006, ISBN 3-492-04943-5 .

Web links

Individual evidence

  1. ↑ a b c Annual Report 2018. In: download.dws.com. Retrieved October 14, 2019 .
  2. ↑ Company details , media information. April 26, 2018. Retrieved June 22, 2018 .
  3. ↑ Martin L. Müller: DWS Investments: A Success Story 1956 - 2006 . Pieper, Munich, p. 26 .
  4. ↑ Company information . December 5, 2017, accessed June 22, 2018 .
  5. ↑ Deutsche Bank Annual Report 2016. March 20, 2017, accessed June 22, 2018 .
  6. ↑ Company information . Retrieved June 22, 2018 .
  7. ↑ Yasmin Osman: Deutsche Bank separates from DWS boss Nicolas Moreau. In: Handelsblatt. Retrieved October 29, 2018 .
  8. ↑ a b c Fund professional. October 6, 2017, accessed June 22, 2018 .
  9. ↑ Deutsche Bank: Supervisory Board reorganizes Executive Board. Retrieved October 29, 2018 .
  10. ↑ Report Q4 and annual figures 2017 Deutsche Bank. February 2, 2018, accessed August 1, 2018 .
  11. ↑ Company information . Quarterly Report, Financial Data Supplement, April 26, 2018, accessed July 5, 2018 .
  12. ↑ The investment. May 16, 2018, accessed July 5, 2018 .
  13. ↑ Financial test: “Dax success story” . Article in 6/2018 edition. S. 40 .
  14. ↑ Company information , quarterly report. April 26, 2018. Retrieved June 22, 2018 .
  15. ↑ Morningstar Rating Analysis of the balance sheet of the largest ETF providers. May 18, 2018, accessed July 5, 2018 .
  16. ↑ Company details , media information. May 24, 2017. Retrieved July 5, 2018 .
  17. ↑ Company information , quarterly report. April 26, 2018. Retrieved June 22, 2018 .
  18. ↑ Company information . Retrieved June 22, 2018 .
  19. ^ Deutsche Bank, ad hoc announcement. March 5, 2017. Retrieved June 22, 2018 .
  20. ↑ The Shareholder, Report. March 23, 2018, accessed June 22, 2018 .
  21. ↑ Börsen-Zeitung , article from October 11, 2017, IPO market looks to the next year (p. 7).
  22. ↑ Handelsblatt , article from September 6, 2017, "As soon as possible on the stock exchange" (p. 28f.).
  23. ↑ DWS IPO brings less than expected. Finanz und Wirtschaft, accessed October 15, 2018 .
  24. ↑ DWS shares start in SDAX. Fund Professionell, accessed October 15, 2018 .
  25. ↑ Martin L. Müller. (2006). DWS Investments: a success story 1956 - 2006 ( p. 22). Pieper, Munich.
  26. ↑ Martin L. Müller. (2006). DWS Investments: a success story 1956 - 2006 ( p. 26). Pieper, Munich.
  27. ↑ Martin L. Müller. (2006). DWS Investments: a success story 1956 - 2006 ( p. 234). Pieper, Munich.
  28. ↑ Company details , media information. April 3, 2017. Retrieved June 22, 2018 .
  29. ↑ Fund professional, report. April 7, 2009, accessed June 22, 2018 .
  30. ^ IPE Institutional Investor, Report. September 12, 2012, accessed June 22, 2018 .
  31. ↑ Deutsche Bank Annual Report 2016. March 20, 2017, accessed June 22, 2018 .
  32. ^ Deutsche Bank, ad hoc announcement. March 5, 2017. Retrieved June 22, 2018 .
  33. ↑ Company details , media information. December 5, 2017, accessed June 5, 2018 .