DWS Group

What DWS Group does

DWS Group GmbH & Co. KGaA is a Frankfurt-headquartered, publicly listed asset manager (Frankfurt Stock Exchange ticker: DWS) and majority-owned subsidiary of Deutsche Bank AG, managing approximately EUR 1.09 trillion in assets under management as of Q1 2026. The firm operates three primary business pillars: an active and passive investment management platform built around the Xtrackers ETF brand (with 44+ U.S.-listed ETFs and listings across Deutsche Börse, LSE, and Nasdaq); an Alternatives unit spanning real estate debt, infrastructure, private credit, and asset-based finance; and a regional Americas business unit that operates the #3-ranked global taxable fixed income platform with USD 150 billion in U.S. Fixed Income AUM. Recent product launches have centered on thematic ETFs capturing European defense spending growth (Xtrackers Europe Defense Technologies ETF, XDEF) and the energy transition (Xtrackers Electrification Technologies & Smart Grid UCITS ETF).

DWS's revenue model is built on AUM-based management fees supplemented by performance fees on alternatives products, with revenue streams inherently recurring and tied to asset levels and market performance. The company reported FY2025 revenues of EUR 3.16 billion (up 14% year-over-year), net income of EUR 928 million (up 42%), a 58.0% cost-income ratio, and EUR 51 billion in net flows (doubled YoY). The go-to-market approach combines direct institutional sales targeting European pension funds, insurance companies, and sovereign wealth, distribution through Deutsche Bank's private banking and institutional advisory network (explicitly expanded in November 2025), white-label ETF infrastructure partnerships (PostFinance Global Portfolio ETF, launched June 2026), and direct retail access via Xtrackers on public exchanges.

Differentiating capabilities include its position as Germany's largest asset manager with deep Deutsche Bank integration, a diversified alternative investment book (including European infrastructure assets such as the Maaselänkangas wind farm and Cleanwatts energy communities), and a MiCAR-regulated stablecoin joint venture (AllUnity) targeting institutional digital asset infrastructure. The firm has signaled a strategic intent to capture secular European capital flows from pension reform, defense rearmament, and energy transition themes through both product innovation and the EUR 160 billion cumulative net flow target for 2026–2028.

Name

DWS Group

Legal name

DWS Group GmbH & Co. KGaA

Website

https://dws.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

DWS Group is a Frankfurt-listed asset manager (Deutsche Bank subsidiary) managing EUR 1.09 trillion in assets across active, passive (Xtrackers), and alternative strategies, serving European institutional investors, global retail via ETFs, and banking distribution partners.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591), Open-End Investment Funds (525910)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Discretionary Portfolio Management (DPM) (FSAAABAC)

akta.pro secondary industry

Real Assets Fund of Funds (Real Estate / Infrastructure / Natural Resources FoF) (FSAHAKAG)

Keywords

• Asset management
• ETF products
• Alternative investments
• Infrastructure investing
• Institutional asset management

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees: DWS generates revenue primarily through management fees charged on assets under management (AUM) of approximately €1.09 trillion. Fees are based on AUM levels and vary by product type (active, passive, alternatives).
2. Performance Fees: DWS earns performance fees on certain alternative investment products and structured funds when returns exceed specified benchmarks or hurdles.
3. ETF and Fund Management: Revenue from managing Xtrackers ETFs and mutual funds, including fee reductions on select products demonstrating cost efficiency and competitive pricing in the asset management industry.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

DWS Group is a German asset manager and majority-owned subsidiary of Deutsche Bank AG that offers active and passive investment solutions across equities, fixed income, ETFs, alternatives, infrastructure, and private credit, managing approximately €1.09 trillion in assets. Its flagship offering is the Xtrackers ETF platform (44+ ETFs listed globally on Deutsche Börse, LSE, and Nasdaq), complemented by closed-end funds, mutual funds, European infrastructure investment strategies, asset-based finance, and discretionary portfolio management services for institutional and retail investors.

Product overview

DWS Group is a German asset manager and subsidiary of Deutsche Bank offering a comprehensive suite of investment products including the Xtrackers ETF platform (over 44 U.S.-listed ETFs), closed-end funds (DWS Municipal Income Trust), and alternative investment strategies across infrastructure, real estate, and private credit. The company manages approximately EUR 1.09 trillion in assets under management, serving institutional and retail investors globally through its core Xtrackers ETF platform, Alternatives business unit, and regional operations across Americas, Europe, and Asia-Pacific.

Differentiator

Problem solved

Functional benefit

Products and services

• Xtrackers ETF Platform

Quantifiable outcome

• EPS growth of 40% to €4.64 in 2025, exceeding €4.50 target
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• PostFinancecoreChannel Partner/ Reseller/ Distributor · 22 June 2026PostFinance and DWS launched the Postfinance Global Portfolio ETF, a multi-asset ETF bringing Swiss postal bank's strategic asset allocation expertise to retail investors for the first time. DWS provides ETF infrastructure through its Xtrackers platform, with both firms positioning the launch as a strategic growth area.
• Nippon Life India Asset ManagementcoreStrategic or Co-development Partner · 16 March 2026DWS signed agreements to acquire a 40% stake in Nippon Life India AIF Management Limited, establishing a strategic partnership to develop a leading alternative investments platform and expand product offerings to Indian and international investors. The JV aims to launch new products and expand coverage to offshore investors leveraging DWS's global distribution network.
• wpd GroupminorOthers · 9 March 2026DWS acquired the Maaselänkangas onshore wind farm in Oulainen, Finland from wpd Group on behalf of its European infrastructure investment strategy. The 41.3 MW wind farm comprises seven Nordex turbines and represents the seventh acquisition under DWS's European Infrastructure Investment Strategy.
• Al Mirqab CapitalcoreStrategic or Co-development Partner · 1 December 2025DWS, Deutsche Bank, and Al Mirqab Capital launched a €1 billion German Opportunities Mandate focused on investments in Germany and Europe across sectors including energy, transportation, defense, education, telecommunications, technology, and innovation. The collaboration aims to deepen private capital investment opportunities in Germany.
• Deutsche BankcoreStrategic or Co-development Partner · 27 November 2025Deutsche Bank and DWS expanded their partnership in discretionary portfolio management (DPM), combining Deutsche Bank's private banking advisory model with DWS's institutional investment infrastructure to create additional value for clients. DWS CEO Stefan Hoops described the partnership expansion as a tangible example of value creation.
• AllUnitycoreStrategic or Co-development Partner · 31 July 2025AllUnity is a joint venture between DWS, Galaxy Digital, and Flow Traders that has launched multiple regulated stablecoins including EURAU (euro), CHFAU (Swiss franc), and SEKAU (Swedish krona) under the EU's MiCAR framework. AllUnity has secured BaFin E-Money Institution licensing and targets institutional payments, settlements, and treasury operations.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• BlackRock: The world's largest asset manager with ~$10T+ AUM across iShares ETFs, active equities/fixed income, alternatives, and private markets. Directly comparable to DWS across passive (iShares vs. Xtrackers), institutional asset management, and the build-out of alternatives/private markets infrastructure.

Direct peers

• Amundi: Europe's largest asset manager (~€2T AUM) and a primary competitor for European institutional mandates, with strong ETF and passive offerings alongside active and alternatives. Closest direct peer to DWS given similar European institutional focus and product mix.
• Vanguard: Global leader in low-cost passive ETFs and mutual funds. Directly comparable to Xtrackers on passive scale and fee economics, and competes for retail and institutional ETF flows in Europe and globally.
• State Street Global Advisors: Major ETF issuer (SPDR) and institutional asset manager with comparable passive and institutional capabilities. Competes with Xtrackers in the global ETF landscape and with DWS for institutional mandates.
• Invesco: Global asset manager with a significant ETF platform (Invesco QQQ) plus active, fixed income, and alternatives. Comparable mix of passive and active offerings and competes with DWS across institutional and retail channels.
• Franklin Templeton: Global asset manager with diversified active ETFs, alternatives (Lexin Infrastructure), and strong European institutional presence. Comparable to DWS in product breadth and the push into alternatives and ETFs.
• UBS Asset Management: Swiss-based global asset manager with strong European institutional client base and growing alternatives franchise (Real Estate, Private Markets, Infrastructure). Direct peer to DWS given overlapping institutional and HNW channels.
• Allianz Global Investors: German-based global asset manager affiliated with Allianz Group, with active, fixed income, and ETF capabilities. Closest German peer to DWS given shared domestic institutional footprint and product mix.
• abrdn: UK-based global asset manager offering active equities, fixed income, alternatives, and wealth solutions. Comparable to DWS in serving European institutional and wealth distribution channels with multi-asset capabilities.
• Legal & General Investment Management (LGIM): Major European asset manager with large passive/index, active, and alternatives platforms, including L&G ETFs. Direct peer in the European institutional ETF and index space and competes with Xtrackers for UK/European mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DWS_Group
• Facebookfacebook.com/DWSGroupINT

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments19 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DWS Group