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DWS Q1 revenue hit by lower management fees

Published 27/04/2023, 06:29
© Reuters. FILE PHOTO: The new logo of Deutsche Bank's DWS Asset Management is pictured at their headquarters in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski
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(Reuters) - DWS on Thursday posted a fall in adjusted revenue in the first quarter of 2023 as Deutsche Bank (ETR:DBKGn)'s asset management subsidiary cited lower management fees predominantly driven by declining markets in 2022.

The company recorded adjusted revenue of 610 million euros ($674.11 million) for the first three months of the year, down 12% year on year.

DWS assets under management rose to 841 billion euros during the first quarter, helped by market developments and net inflows.

"With the adjusted cost-income ratio at 66.3% in Q1, we are on track to achieve our guidance for the year 2023," chief financial officer Claire Peel said.

© Reuters. FILE PHOTO: The new logo of Deutsche Bank's DWS Asset Management is pictured at their headquarters in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski

DWS parent company Deutsche Bank posted a better-than-expected 9% rise in first-quarter profit as income from higher interest rates offset a slump in revenues at the investment bank.

($1 = 0.9049 euros)

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