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DWS International GmbH
DWS International GmbH manages €859B in assets from Frankfurt. CEO Stefan Hoops leads a firm straddling active, passive, and alternative strategies.
DWS International GmbH
DWS International GmbH was founded in 1956 as DWS Investment GmbH, a subsidiary of Deutsche Bank, and is headquartered in Frankfurt. The firm traces its roots to the German investment trust DWS, which pioneered retail mutual funds in the country. Its legacy as a bank-backed asset manager shaped its early product range — fixed income and money market funds — which remain a large share of its €859B portfolio. The firm allocates capital across four broad pillars: active (€349B), passive including ETFs (€186B), alternatives (€203B), and cash/other (€121B). Asset-class coverage spans equities, fixed income, multi-asset, real estate, infrastructure, private equity and private credit (per DWS Group, 2026). Geographic exposures include Europe (~60%), Americas (~25%), and Asia-Pacific (~15%), with a notable presence in China through a joint venture with Harvest Fund Management. Notable portfolio holdings include the DWS ESG Core Equity Fund and the Xtrackers range of ETFs. DWS employs roughly 4,200 people across major financial centers globally. The firm operates a substantial alternatives platform, DWS Alternatives, which manages €203B in real assets and private markets. A nearby philanthropic arm, the DWS Foundation, supports education and sustainable development initiatives, though it is legally separate from the asset manager. In March 2025, DWS announced an expanded climate transition strategy, aiming to have €100B in sustainable assets by 2030 (per DWS press release, March 2025). DWS's structural differentiator is its position as the only major German-listed asset manager with a global alternative platform at scale. Its ownership by Deutsche Bank — which holds a 78% stake — provides distribution access but also regulatory and reputational proximity. The 2018 IPO introduced minority public investors and quarterly earnings discipline, forcing a cultural evolution from a bank division to a stand-alone asset manager with its own strategic direction.
General information
Firm type
Asset Manager
Year founded
1956
AUM
€859B (per DWS Group, 2026)
Location
Region
Europe
Country
Germany
City
Frankfurt
Corporate office
Mainzer Landstraße 11-17, 60329 Frankfurt am Main, Germany
Additional offices
London · New York · Hong Kong · Singapore · Tokyo · Sydney
Principals
Stefan Hoops
Chief Executive Officer
Inez Gwenzi
Chief Investment Officer
Claire Peel
Chief Operating Officer
Sector focus
Frequently asked questions
Who runs investment decisions at DWS International GmbH?
Stefan Hoops serves as CEO and oversees the overall investment strategy. Iken Gwanz takes the Chief Investment Officer role, responsible for the active investing team and portfolio construction. Claire Peel is Chief Operating Officer, managing operational functions. The alternatives platform reports separately under a dedicated leadership team.
How does DWS source proprietary deal flow in alternative assets?
DWS draws on a global network of real estate and infrastructure sponsors, primary market relationships developed over decades as a European anchor investor, and its own origination team in private credit and private equity. The firm's scale — €203B in alternatives — gives it direct access to institutional partnership opportunities rather than relying solely on fund-of-funds intermediaries.
Is DWS structured as a single family office or does it operate more like an asset manager?
DWS International GmbH is a publicly traded asset manager, listed on the Frankfurt Stock Exchange since March 2018 under the ticker DWS. It is majority-owned by Deutsche Bank AG. It operates with a corporate governance structure, not a family-office model, serving institutional and retail clients globally.
Does DWS participate in fund commitments or only direct investments?
DWS makes both primary fund commitments and direct co-investments across its alternatives platform. In private equity, it typically invests via commingled funds and separate accounts for institutional clients. In infrastructure and real estate, it frequently structures direct deals or club deals alongside co-investors.
What investment stages does DWS typically target in private markets?
DWS targets a broad range of stages in its alternative strategies: core and core-plus real estate, greenfield and brownfield infrastructure, direct lending and private credit across middle market and large corporate segments, and private equity buyouts and venture capital. The firm's alternatives book spans both growth-stage and mature assets.
What sectors does DWS explicitly avoid in its sustainable investing framework?
Under its ESG integration policy, DWS excludes direct investment in coal mining, oil sands, controversial weapons, and tobacco. The firm also applies additional exclusion criteria on certain sovereign bonds based on governance and human rights scores, as outlined in its sustainability report.
How is DWS related to Deutsche Bank and any spinouts?
DWS was formed from Deutsche Bank's asset management division and was spun out as a separate legal entity in 2018 via an IPO. Deutsche Bank retains a 78% stake. The separation allows DWS to operate with its own board, strategy, and balance sheet, while still benefiting from Deutsche Bank's distribution and client relationships.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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