DGAP-News: DWS Group GmbH & Co. KGaA / Key word(s): Annual Results/Quarter Results 
DWS 2020: Highly Successful in Difficult Times, Medium-Term Targets Achieved Ahead of Plan 
2021-02-04 / 07:19 
The issuer is solely responsible for the content of this announcement. 
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  . Net inflows again higher, resulting in a total of EUR 30.3bn net new assets in FY 2020, 
    EUR 13.6bn in Q4. Ex Cash EUR 10.8bn in FY 2020, EUR 8.3bn in Q4 
  . Adjusted Cost-Income Ratio (CIR) at 64.5% in 2020, achieving target for 2021; 64.9% in Q4 
  . Adjusted profit before tax increased by 3% to EUR 795m in 2020 (FY19: EUR 774m); EUR 212m in Q4 2020, down 2% 
    q-o-q; net income at EUR 558m in FY 2020, up 9% 
  . Adjusted costs reduced by 11% to EUR 1,442m in FY 2020 (FY19: EUR 1,615m). EUR 393m in Q4 2020 (Q3: EUR 342m), up 
    15% q-o-q, among other things, due to higher deferred compensation relating to DWS share price development in Q4 
    2020 
  . Total revenues of EUR 2,237m in FY 2020 (FY19: EUR 2,389m), down 6% due to certain additional fund performance fees 
    recognized in 2019; total revenues up in Q4 2020 by 8% q-o-q to EUR 605m (Q3: EUR 558m), mainly due to higher 
    management fees 
  . AuM further up by EUR 25bn to EUR 793bn in 2020 (Q3: EUR 759bn; Q4 2019: EUR 767bn) 
  . The Executive Board will propose a dividend of EUR 1.81 per share for the 2020 financial year 
Business Development 
2020 has been another strong year for DWS. We proved our resilience and the strength of our diversified business model 
amid the ongoing pandemic. As a result, we have achieved our ambitious medium-term targets, set at our IPO in 2018, one 
year earlier than planned, completing the first phase of our corporate journey as a publicly listed firm. We increased 
net flows to EUR 30 billion in 2020. Assets under Management also increased by EUR 25 billion year-on-year to a record 
volume of EUR 793 billion. Our laser focus on cost efficiency also continues to pay off, with our adjusted cost base 
declining significantly compared to the prior year. As a result, we delivered our adjusted Cost-Income Ratio target of 
below 65 percent ahead of schedule. While management fees remained stable, the absence of certain fund performance fees 
recognized in 2019 led to a year-on-year decrease in revenues. On the bottom-line, adjusted profit before tax increased 
by 3 percent and net income rose by 9 percent in FY 2020. In line with our 65 to 75 percent dividend payout ratio 
target, the DWS Executive Board will propose a dividend of EUR 1.81 per share for the 2020 financial year. 
Total revenues decreased by 6 percent to EUR 2,237 million in 2020 (FY19: EUR 2,389 million). This was due to the 
absence of certain performance fees recognized in 2019, while management fees remained stable. In Q4 2020 total 
revenues increased by 8 percent to EUR 605 million (Q3 2020: EUR 558 million), mainly driven by higher Management fees 
as a result of increased average Assets under Management during the quarter. 
Adjusted profit before tax improved by 3 percent to EUR 795 million in 2020 (FY19: EUR 774 million) as we reduced our 
adjusted cost base. In Q4 2020 the adjusted profit before tax stood at EUR 212 million (Q3: EUR 215 million), driven by 
higher adjusted costs. After tax, DWS posted a 9 percent higher net income of EUR 558 million for the financial year 
2020 (FY19: EUR 512 million; Q4 2020: EUR 164 million; Q3 2020: EUR 151 million). The Executive Board will propose 
again an increased dividend of EUR 1.81 per share for the financial year 2020 (FY19: EUR 1.67), in line with our 
commitment to a 65 to 75 percent dividend payout ratio. 
Assets under Management (AuM) further rose by EUR 33 billion to EUR 793 billion in the fourth quarter of 2020 (Q3 2020: 
EUR 759 billion) with favorable market developments as the main driver supported by net flows. Starting with AuM of EUR 
767 billion at the beginning of 2020, the annual increase of EUR 25 billion was driven by a combination of strong net 
inflows and positive market developments, more than offsetting the negative impact of exchange rate movements. 
2020 net flows of EUR 30.3 billion were higher than strong prior year net inflows of EUR 26.1 billion. 2020 flow 
numbers peaked in the fourth quarter, which contributed EUR 13.6 billion (EUR 8.3 billion excluding Cash) in net new 
assets. 2020 net inflows were primarily driven by Passive (EUR 16.6 billion) and Cash products (EUR 19.5 billion) and 
further supported by Alternatives (EUR 4.0 billion). Based on their strong performance, ESG-dedicated funds accounted 
for 30 percent of our total annual net inflows in 2020. All three coverage regions, Americas, Europe and Asia-Pacific, 
achieved net inflows in the fourth quarter as well as in 2020. 
Active Asset Management ex Cash recorded net flows of EUR 767 million in the fourth quarter (Q3 2020: minus EUR 935 
million). Multi Asset generated inflows of EUR 787 million driven by institutional mandates. Active Equity recorded net 
inflows of EUR 236 million with inflows into ESG equity funds. Active Fixed Income continued the positive flow trend 
with net new assets of EUR 146 million due to continued high demand by institutional mandates. Active SQI recorded net 
outflows of minus EUR 402 million. In total, Active Asset Management ex Cash recorded net outflows of minus EUR 9.8 
billion in 2020 (FY19: minus EUR 0.7 billion). While Active Equity generated positive net flows in FY 2020, the other 
Active (ex Cash) product classes recorded outflows, reflecting the challenging market environment in 2020. Cash 
products recorded high net inflows of EUR 19.5 billion in 2020 (FY19: minus EUR 2.5 billion) and EUR 5.3 billion in Q4 
as investors sought safe havens amid market uncertainty given the prevailing pandemic. 
Passive Asset Management generated net flows of EUR 5.9 billion in the fourth quarter (Q3 2020: EUR 6.3 billion). The 
continued strong flow momentum again was driven by high demand for ETPs (exchange-traded funds and commodities). All in 
all, this high demand led to Passive Asset Management generating strong inflows of EUR 16.6 billion in 2020 (FY19: EUR 
19.1 billion). DWS ranked second in ETP net flows in Europe in the fourth quarter and in FY 2020 (source: ETFGI). 
Alternatives doubled net new assets in the fourth quarter to EUR 1.7 billion (Q3 2020: EUR 846 million). This increase 
was mainly driven by Illiquid Alternatives - based in particular on high inflows into Infrastructure funds - and was 
supported by Liquid Alternatives. In total, Alternatives generated net inflows of EUR 4.0 billion in 2020 (FY19: EUR 
10.2 billion), driven by net new assets of EUR 3.3 billion in Illiquid Alternatives. In particular, DWS Grundbesitz 
real estate funds family and Infrastructure funds were able to attract high demand. Liquid Alternatives also made a 
positive contribution to the net inflows for the year as a whole. 
Adjusted costs were managed down by 11 percent year-on-year to EUR 1,442 million in FY 2020 (FY19: EUR 1,615 million). 
Here our management focus on efficiency and cost measures continued to pay off with an 11 percent decrease in general 
and administrative expenses and a 10 percent decline in compensation and benefits costs. This included additional 
savings due to the impact of the COVID-19 pandemic. Adjusted costs increased quarter-on-quarter to EUR 393 million in 
Q4 2020 (Q3 2020: EUR 342 million), primarily due to higher deferred compensation relating to the strong DWS share 
price development in Q4 2020 as well as early investments into growth and transformation projects, higher marketing 
spend and higher volume related service charges. 
The adjusted Cost-Income Ratio (CIR) improved by 3.1 percentage points to 64.5 percent in 2020 (FY19: 67.6 percent), 
enabling us to reach our medium-term adjusted CIR target of below 65 percent one year earlier than planned. The 
adjusted CIR stood at 64.9 percent in the fourth quarter of 2020 (Q3 2020: 61.4 percent). 
Growth Initiatives and Strategic Progress 
Like the rest of the world, DWS had to adapt to a "new normal" in 2020, reconsidering the ways in which it engages with 
clients and shareholders, while ensuring the wellbeing of its people. It was also a year in which we stepped up our ESG 
efforts to ensure we are protecting our planet and people. However, the challenges of 2020 did not change our 
commitment to our clients as we worked more closely than ever to serve their needs in these unprecedented 
circumstances. In addition, we made significant organizational changes in the summer to ensure that DWS becomes more 
client-centric, flexible, efficient and effective as one globally integrated firm in order to enable growth amid 
ongoing industry mega trends. Furthermore, we were able to extend and deepen important strategic partnerships in 2020. 
Sustainability also remains high on our strategic agenda. This also held true during the fourth quarter. We established 
a high-calibre ESG Advisory Board to advise the DWS Executive Board on the development and execution of its ESG 
strategy. Moreover, we publicly committed to becoming climate-neutral in our actions as a corporate and a fiduciary - 
in line with the Paris Agreement - and well ahead of the timeline officially set out in the Agreement. We joined the 
founding signatory group on "Net Zero Emissions Goal" initiative by the Institutional Investors Group on Climate 
Change. In addition, we achieved an independent ESG rating from CDP (Carbon Disclosure Project). With this rating, DWS 
is able to better understand its impact on the environment and more importantly, to do something about it. Client 
activity also significantly bends towards ESG solutions: DWS' European-listed ESG Xtrackers ETFs exceeded EUR 3 billion 
in assets and DWS' SDG strategy broke through the EUR 1 billion asset threshold during the fourth quarter. 
Outlook 
While we expect the COVID-19 pandemic to continue impacting our day-to-day activities in the first half of 2021, we are

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