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DWS fined $19m by SEC over ‘ESG misstatements’

The asset manager, which is majority owned by Deutsche Bank, also incurred a $6m penalty for shortcomings in its anti-money laundering procedures

By David Ricketts
DWS chief executive Stefan Hoops said the firm had made the “right decisions” to stabilise the business since greenwashing allegations were made against it
DWS chief executive Stefan Hoops said the firm had made the “right decisions” to stabilise the business since greenwashing allegations were made against it Photo: Alex Kraus/Getty Images

DWS has been fined $19m by the Securities and Exchange Commission for misstatements regarding its ESG investments — ending a two-year investigation by the US regulator.

The Frankfurt-headquartered asset manager, which is majority-owned by Deutsche Bank, has also been handed a $6m penalty for shortcomings in its anti-money laundering procedures, bringing the total fine for the two matters to $25m.

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