Berenberg starts DWS at 'hold' as volume growth impacts margins
Tue 07:41
BUZZ-Berenberg starts DWS at 'hold' as volume growth impacts margins ** 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)