DWS Q1 revenue hit by lower management fees
(Reuters) - DWS on Thursday posted a fall in adjusted revenue in the first quarter of 2023 as Deutsche Bank'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.
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)
(Reporting by Tristan Veyet in Gdansk, Editing by Rachel More)