Deutsche Bank’s asset manager DWS has been fined €25 million (US$27.6 million) by German prosecutors for misleading investors about its green credentials. This follows long-running investigations by authorities in both the US and Germany, as well as a US$19 million settlement with US authorities back in 2023. German prosecutors have concluded that the asset manager aggressively advertised its green credentials. The investigation was formally launched after a complaint lodged by whistleblower Desiree Fixler – the firm’s former head of ESG – which claimed that DWS had made misleading statements on the size of its ESG assets in its 2020 annual report. A separate investigation into DWS’ conduct at this time by German financial watchdog BaFin is still ongoing.
