Q2 2024 DWS Group GmbH & Co KgaA Earnings Call Transcript
Key Points
- DWS Group GmbH & Co KGaA (WBO:DWS) reported a quarterly increased adjusted profit before tax totaling EUR249 million, reflecting positive execution of their strategic plan.
- The adjusted cost income ratio improved to 63.2%, staying well within the guidance for 2024.
- The company increased its guidance for the full year 2024, expecting higher adjusted revenues and adjusted profit before tax compared to 2023.
- DWS Group GmbH & Co KGaA (WBO:DWS) showed strong client dynamics in the retail business, with six consecutive quarters of inflows driven by their Passive franchise.
- The company is investing in digital transformation and new partnerships with neobanks and brokers, aiming to become their partner of choice and grow their digital distribution channels.
- DWS Group GmbH & Co KGaA (WBO:DWS) reported net outflows of EUR18.7 billion in the second quarter, driven by three high-volume, low-margin mandates.
- Total assets under management decreased by 1% quarter on quarter to EUR933 billion, impacted by outflows in low-margin products.
- The Active business reported outflows of around EUR13 billion, mainly driven by two fixed-income insurance mandate outflows.
- The market environment for alternatives continues to be challenging, with EUR1.4 billion net outflows driven by LRA and real estate.
- The company acknowledged that the flow picture looks mixed, with low double-digit billion outflows in the second quarter.
Good morning to everybody from Frankfurt. This is Oliver Flade from IR, and I would like to welcome everybody to our earnings call for the second-quarter of 2024. Before we start, I would like to remind you that the Deutsche Bank analyst call outlines the asset management segment's results, which have a different parameter basis to the DWS results that we're presenting now.
I'm joined as usual by Stefan Hoops, our CEO; and Markus Kobler, our CFO. And Stefan will start with some opening remarks, and then Markus will take you through the presentation. And for the Q&A afterwards, please could you limit yourself to the two most important questions so that we can give as many people a chance to participate as possible.
And I would also like to remind you that the presentation may contain forward-looking statements which may not develop as we currently expect and therefore ask you to take note of the disclaimer and the precautionary warning on the forward-looking statements at the end of our materials.
And
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