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Money Management

DWS Group’s AUM drops 4.3% in quarter, falls 5.4% for year

DWS Group's assets under management fell 4.3% in the fourth quarter to €662 billion ($752 billion) as of Dec. 31, driven by negative markets.

AUM fell 5.4% for the 12-month period, said a financial update Friday.

Net outflows totaled about €7 billion for the three months ended Dec. 31, which DWS said was due predominantly to a single insurance mandate outflow. Net outflows for the quarter ended Sept. 30 were €2.7 billion.

Active strategies had net outflows of €11 billion in the fourth quarter, but passive strategies saw net inflows of €3.9 billion in the quarter.

Total revenue fell 4.3% to €549 million for the quarter. Net income was €80 million for the three months ended Dec. 31, compared with €121 million for the quarter ended Sept. 30.

"The markets, and with them the asset management industry, are entering more challenging times after enjoying sustained favorable conditions since 2009," CEO Asoka Woehrmann said in a news release accompanying the update. "We are confident that with our global and diversified business across all asset classes, along with our accelerated focus on cost efficiency, we will withstand a tougher market environment."