DWS assets under management reach €1.221 trillion as long-term flows total €16.6 billion
Key Facts
DWS said on 28 October 2026 that its assets under management reached a record €1.221 trillion at the end of the third quarter, compared with €1.190 trillion in the second quarter. The group said revenue rose to €784 million from €773 million, up 1% quarter on quarter. Meanwhile, net income attributable to shareholders was €230 million, down 3% from €237 million in the previous quarter. The company attributed the decline in net income to a tax benefit recorded in the second quarter. The results therefore combined record assets under management and strong flows with a quarterly decline in net income.
Revenue reflected mixed trends across income sources, as DWS said higher management fees were offset by lower other income, performance fees and transaction fees. The company described the decline in performance and transaction fees as a reflection of expected seasonality. According to the results call, management fees were €745 million in the third quarter, up 5% from the second quarter and 14% from the same period a year earlier. The company said growth in these fees was driven by higher average assets under management and organic growth. By contrast, an Investing.com report said performance fees were below levels in previous years because they had been recorded in the first quarter.
Flows boosted net assets under management during the quarter, with long-term net flows of €16.6 billion, bringing the total to €34.8 billion in the first nine months of 2026. Including cash and advisory, total net flows were €30.9 billion in the third quarter. The total reached €66.7 billion in the first nine months of the year. The growth in flows coincided with assets under management rising to the record level announced by the company. DWS said higher average assets under management also supported the increase in management fees.
On costs, DWS reduced expenses to €459 million in the third quarter from €468 million in the second quarter, a decline of 2%. The cost-income ratio improved to 58.6%, compared with 60.5% in the previous quarter. This puts lower costs and an improved ratio alongside the 1% quarterly increase in revenue. But net income declined compared with the second quarter, as the company said the comparison was affected by a tax benefit in that period. Net income was €230 million in the third quarter, versus €237 million in the previous quarter.
In a market update published by Investing.com and attributed to Reuters, DWS shares fell 1.0% to €65.85 on 28 October after the results were released before the market opened. DWS's statement did not explain the share-price move, while the company said it maintained the outlook in its 2025 annual report, assuming a continued supportive market environment. On the results call, management said the main expected contribution from performance fees in the fourth quarter would come from the Concept Kaldemorgen fund. The fund had accrued performance fees of about €50 million at the end of the third quarter. The gradual rollout of the new Deutsche Asset Management identity is set to begin in November 2026 and continue through March 2027, with the parent company name and stock ticker unchanged for now; DWS also expects to complete its acquisition of Peakside Capital Advisors by the end of 2026, subject to regulatory approvals and customary closing conditions.