Rising markets helped bolster assets under management at DWS Group and Janus Henderson Group in the second quarter, after a difficult first quarter for money managers amid the coronavirus pandemic.
DWS assets grew 6.4% over the quarter ended June 30 to €745 billion ($838 billion) and grew 3.6% for the year, according to a financial update Wednesday.
Market moves added €43 billion to assets, compared with a €66 billion loss in the three months ended March 31. For the second quarter 2019, market impacts added €15 billion to assets.
Foreign exchange moves subtracted €7 billion from assets, compared with a €5 billion addition for the first quarter and a €4.6 billion loss in the second quarter 2019.
Total net inflows were €6.2 billion for the first half of 2020, compared with €6.7 billion for the first half of 2019. In the second quarter, net inflows totaled €8.7 billion, compared with net outflows of €2.5 billion for the first quarter. Net inflows totaled €4.2 billion for the second quarter of 2019.
Institutional assets under management grew 4.4% in the quarter and 6% for the year to €426 billion.
Institutional net inflows were €3.7 billion for the quarter vs. €2.1 billion in net outflows for the previous quarter. The second quarter of 2019 recorded net inflows of €3.3 billion.
Revenue for the six months ended June 30 fell 6.1% year-on-year, to €1.1 billion. Net income grew 13.6% over the period to €243 million.
For the quarter, revenues grew 5.2% over the quarter but fell 9.4% year-on-year to €551 million. Net income fell 7.4% in the quarter and was flat vs. the second quarter of 2019 at €112 million.
Second-quarter net inflows were primarily driven by passive and cash strategies, while active ex-cash "suffered from redemptions by a very few institutional fixed-income investors," the update said.