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Deutsche Bank's DWS to propose 1 billion euro special dividend in 2024

Reuters
·1-min read
The new logo of Deutsche Bank's DWS Asset Management is pictured at their headquarters in Frankfurt

FRANKFURT (Reuters) - Deutsche Bank-owned fund manager DWS on Tuesday said it would propose a dividend of up to 1 billion euros ($1.05 billion) in 2024, as the German company tries to move on from allegations that it misled investors over its green credentials.

The announcement comes ahead of a briefing by company management of investors and analysts by new Chief Executive Officer Stefan Hoops.

Earlier this year, Hoops took the helm of the fund manager in a management shakeup following allegations and regulatory investigations into the so-called greenwashing. DWS has repeatedly denied the allegations.

DWS said the special dividend for 2024 was "subject to capital commitment to organic and inorganic growth initiatives".

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DWS also announced that it would propose a dividend payout ratio of around 65% from 2025 on. That is higher than the ratio of 51% last year and an average of 61% since its initial public offering in 2018.

($1 = 0.9545 euro)

(Reporting by Tom Sims and Marta Orosz; editing by Jonathan Oatis and Leslie Adler)