(Bloomberg) -- Deutsche Bank AG’s asset management unit saw outflows for a second consecutive quarter as volatile markets deterred investors.
DWS Group’s clients pulled 25 billion euros ($25.4 billion) in the three-month period, according to a statement on Wednesday. That missed the 403.3 million-euro consensus of inflows forecast by analysts polled by Bloomberg. Assets under management fell to 833 billion euros from 902 billion euros from the previous quarter.
“In the second quarter, the war in the Ukraine continued to strongly impact economies and stock markets around the globe,” the company said in the statement.
The results cover a period during which the firm grappled with a worsening economic environment and the departure of its chief executive. Asoka Woehrmann announced his resignation soon after a police raid on DWS’s headquarters in Frankfurt on May 31 over allegations that the asset manager overstated its sustainability capabilities to investors.
Stefan Hoops, who was previously head of the German lender’s corporate bank, assumed the top role at DWS on June 10. DWS has always denied the greenwashing allegations, which were first made by former Chief Sustainability Officer Desiree Fixler, and DWS Group Supervisory Board Chairman Karl von Rohr pledged last month to keep the asset manager focused on sustainability.
The firm launched an exchange-traded fund last month that tracks companies taking steps to transition to net-zero carbon emissions.
DWS is down more than 25% in Frankfurt trading this year.
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