Asset Management

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

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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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