DWS Group (DWS) AGM 2024 summary

Opening remarks and agenda

• The AGM was opened with formalities, including confirmation of proper convocation, introduction of board members, and a moment of silence for deceased employees and pensioners.

• The agenda and proposed resolutions were made available to shareholders, and the meeting was broadcast live online.

• Attendance was established at 89.4% of share capital, with voting procedures explained for both in-person and virtual participants.

Board and executive committee updates

• Karl von Rohr announced this was his final AGM as Chairman, with Oliver Behrens proposed as his successor following a thorough selection process.

• Changes on the executive board included the appointment of Dr. Markus Kobler as CFO and assumption of COO responsibilities, and the departure of Angela Maragkopoulou.

• Bernd Leukert stepped down from the Supervisory Board, reflecting Deutsche Bank's policy on board memberships.

Financial performance review

• Despite a challenging environment, net inflows reached EUR 28 billion in 2023, though average assets under management were lower than in 2022.

• Adjusted revenues and profit before tax declined year-over-year, but strict cost discipline kept adjusted costs nearly flat, with a cost-income ratio of 64%.

• Q1 2024 saw net inflows of nearly EUR 8 billion and assets under management hit a record EUR 941 billion.

• The share price reached an all-time high, and the company remains on track for its 2025 financial targets.