Berenberg starts DWS at 'hold' as volume growth impacts margins

DWS GmbH & Co KgaA

20/10/2026 07:41

** Berenberg initiates German asset manager DWS Group DWSG.DE at "hold", citing volume growth driven mainly by lower-margin passive and cash products
** Management fee margins fell to 24.8 basis points in 2025 from 27.3 basis points in 2020, largely due to a shift towards passive products and pricing pressure, the broker says
** Berenberg projects cumulative 2026-28 net flows of 148 billion euros, missing management's target by about 10%
** It sets its PT at €68
** Up to the previous session's close, the stock was up about 16% this year

($1 = 0.8906 euros)

 (Reporting by Kira Britten)
 ((Kira.Britten@thomsonreuters.com))