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DWS
DWS traces its roots to Deutsche Gesellschaft für Wertpapiersparen (DWS) founded in 1956, but the modern firm emerged from Deutsche Bank's asset...
DWS
DWS traces its roots to Deutsche Gesellschaft für Wertpapiersparen (DWS) founded in 1956, but the modern firm emerged from Deutsche Bank's asset management division in 1998. It was listed on the Frankfurt Stock Exchange in 2018, with Deutsche Bank retaining a majority stake. The firm operates as a publicly traded asset manager, not a family office or private partnership. DWS manages a diversified portfolio across traditional and alternative assets. Its alternatives platform encompasses infrastructure, real estate, and private credit, alongside its core retail and institutional fund business. Known for its European focus, DWS also has a significant presence in the Americas, with major offices in Denver and New York. The firm has made notable infrastructure investments including in renewable energy and transport assets across Europe. With approximately €859 billion in assets under management as of 2023, DWS employs several thousand professionals globally. It maintains offices in over 20 countries. Following the 2022 greenwashing allegations by former head of sustainability Desiree Fixler, DWS faced regulatory scrutiny and implemented governance reforms. In 2023, the firm settled with German authorities and committed to enhanced ESG disclosure standards (per Reuters, 2023). DWS's structural differentiator lies in its dual identity: it is a publicly listed company subject to market discipline, yet it retains a close operational tie to Deutsche Bank, which provides distribution and capital markets access. This hybrid structure is rare among large asset managers, most of which remain privately held or wholly owned by a banking parent.
General information
Firm type
Asset Manager
Year founded
1998
AUM
€859 billion (per DWS annual report, 2023)
Location
Region
Europe
Country
Germany
City
Frankfurt
Corporate office
Frankfurt, Germany
Additional offices
Denver, United States
Principals
Stefan Hoops
CEO
Björn Jesch
Global Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at DWS?
Stefan Hoops serves as CEO, overseeing the firm's strategic direction. Björn Jesch is the Global Chief Investment Officer, responsible for the investment process across asset classes (per DWS, public record).
Is DWS structured as a family office or a public asset manager?
DWS is a publicly traded asset manager listed on the Frankfurt Stock Exchange. It is majority owned by Deutsche Bank, not a family. It operates with a corporate governance structure and serves institutional and retail clients globally (per DWS, public record).
Does DWS focus on direct investments or fund-of-funds?
DWS operates both a traditional fund management business and a direct alternatives platform, particularly in infrastructure, real estate, and private credit. It makes direct investments primarily in infrastructure and real estate, while also managing pooled fund vehicles for broader market exposure (per DWS, public record).
What investment stages does DWS typically target?
DWS's alternatives platform targets core and core-plus infrastructure and real estate with long-dated, stable cash flows. Its private credit activities span direct lending to middle-market companies and structured credit (per DWS, public record).
Which sectors does DWS explicitly avoid?
DWS does not publicly exclude any sectors outright, but its infrastructure focus has concentrated on renewables, transport, and digital infrastructure. Following the 2022 greenwashing controversy, the firm has refined its ESG screening criteria, including stricter fossil fuel exclusions within its sustainable strategies (per Reuters, 2023).
How is DWS related to Deutsche Bank?
DWS was carved out of Deutsche Bank's asset management division and listed in 2018. Deutsche Bank retains a majority shareholding. The two entities share historical ties and distribution arrangements, but DWS operates as a separate legal entity with independent governance and reporting structures (per DWS, public record).
Does DWS maintain philanthropic structures separate from its asset management?
DWS does not operate its own philanthropic foundation. Corporate social responsibility initiatives are managed within the firm's operations, but material charitable activities occur through Deutsche Bank's foundations (per DWS, public record).
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