PRESS RELEASE : Q1 2021: DWS with Strong Performance and Focus on Profitability; High Net Flows ex Cash

DGAP-News: DWS Group GmbH & Co. KGaA / Key word(s): Quarter Results/Quarterly / Interim Statement 
Q1 2021: DWS with Strong Performance and Focus on Profitability; High Net Flows ex Cash 
2021-04-28 / 06:58 
The issuer is solely responsible for the content of this announcement. 
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  . Adjusted profit before tax improved to EUR 249m in Q1 (Q4 2020: EUR 212m; Q1 2020: EUR 179m), up 17% q-o-q and 39% 
    y-o-y; Net income at EUR 169m in Q1, up 3% q-o-q 
  . Total revenues increased to EUR 634m in Q1 (Q4 2020: EUR 605m; Q1 2020: EUR 524m), up 5% q-o-q and 21% y-o-y, among 
    other things, due to higher performance fees and our stake in Harvest 
  . Adjusted Cost-Income Ratio (CIR) improved to 60.7% in Q1 (Q4 2020: 64.9%; Q1 2020: 65.8%) 
  . Overall net flows of EUR 1.0bn in Q1 (Q4 2020: EUR 13.6bn); excluding Cash products, net inflows increased to EUR 
    9.7bn (Q4 2020: EUR 8.3bn) 
  . Adjusted costs decreased by 2% to EUR 385m in Q1 (Q4 2020: EUR 393m; Q1 2020: EUR 345m); Up 12% y-o-y primarily due 
    to higher deferred compensation relating to DWS' strong share price development since Q1 2020 
  . AuM further up by EUR 28bn to EUR 820bn in Q1 (Q4 2020: EUR 793bn; Q1 2020: EUR 700bn) 
Business Development 
In the first quarter of 2021, we again delivered strong results. Revenues increased by 5 percent quarter-on-quarter and 
21 percent year-on-year. Thanks to our diversified business model, we recorded positive net inflows of EUR 1.0 billion 
in the first quarter despite high redemptions from low-margin Cash products. Excluding Cash, net inflows improved to 
EUR 9.7 billion - the second-highest number since the IPO. Assets under Management also increased by EUR 28 billion to 
a record volume of EUR 820 billion. While we had first investments into transformation projects in Q1 2021, our 
adjusted cost base declined by 2 percent quarter-on-quarter supported by ongoing cost saving initiatives. The adjusted 
Cost-Income Ratio improved to 60.7 percent in line with our expectation to maintain an adjusted Cost-Income Ratio of 
below 65 percent in 2021. Adjusted profit before tax increased by 17 percent compared to the prior quarter and by 39 
percent year-on-year. 
Total revenues increased quarter-on-quarter by 5 percent to EUR 634 million in Q1 2021 (Q4 2020: EUR 605 million; Q1 
2020: EUR 524 million). This was due to higher performance fees and other revenues including a strong contribution from 
our stake in Harvest and a favorable change of fair value of guarantees. Management fees and other recurring revenues 
remained stable despite less business days in the first quarter. Year-on-year, revenues rose by 21 percent. 
Adjusted profit before tax improved quarter-on-quarter by 17 percent to EUR 249 million in the first quarter (Q4 2020: 
EUR 212 million; Q1 2020: EUR 179 million) primarily due to higher revenues and supported by lower adjusted costs. 
Year-on-year adjusted profit before tax increased strongly by 39 percent. After tax, DWS posted a quarter-on-quarter 
3 percent higher net income of EUR 169 million for the first quarter of 2021. Net income was up 39 percent year-on-year 
(Q4 2020: EUR 164 million; Q1 2020: EUR 121 million). 
Assets under Management (AuM) further rose by EUR 28 billion to EUR 820 billion in the first quarter of 2021 (Q4 2020: 
EUR 793 billion; Q1 2020: EUR 700 billion). This was driven by positive market developments as well as favorable 
exchange rate movements and supported by net inflows. 
We recorded positive net flows of EUR 1.0 billion in the first quarter of 2021. These flows were primarily driven by 
Passive (EUR 7.4 billion) and supported by inflows into Alternatives (EUR 1.0 billion) and Active (ex Cash) (EUR 1.2 
billion), while low-margin Cash products suffered net outflows (minus EUR 8.6 billion). Excluding Cash, net inflows 
improved on a high level to EUR 9.7 billion quarter-on-quarter. ESG dedicated funds attracted stronger net flows of EUR 
4 billion in Q1. 
Active Asset Management ex Cash increased its net flows to EUR 1,201 million in the first quarter (Q4 2020: EUR 767 
million). The sub asset classes show a mixed picture. On the one hand, Active Fixed Income was able to generate higher 
net new assets of EUR 971 million driven by demand from institutional investors. In addition, Active SQI recorded net 
inflows of EUR 647 million and Active Equity generated net new assets of EUR 94 million. On the other hand, Multi Asset 
saw outflows of minus EUR 510 million driven by redemptions from institutional mandates. Cash products recorded net 
outflows of minus EUR 8.6 billion (Q4 2020: EUR 5.3 billion) as their function as a safe haven has lost importance amid 
improving market conditions. 
Passive Asset Management generated higher net new assets of EUR 7.4 billion in the first quarter (Q4 2020: EUR 
5.9 billion). The very strong flow momentum again was driven by high demand for ETPs (exchange-traded funds and 
commodities) enabling us gaining market share in Europe as we are growing faster than the ETP market. 
Alternatives generated net flows of EUR 1.0 billion in the first quarter (Q4 2020: EUR 1.7 billion) driven by Liquid 
Alternatives with net new assets of EUR 651 million. Illiquid Alternatives added another EUR 386 million with inflows 
into Real Estate as well as into Infrastructure funds. 
Adjusted costs, which are also excluding transformation charges of EUR 6 million, decreased quarter-on-quarter by 2 
percent to EUR 385 million in Q1 2021 (Q4 2020:  EUR 393 million; Q1 2020: EUR 345 million). Supported by our ongoing 
cost saving initiatives we had lower general and administrative expenses, especially for banking services, marketing, 
building and leases as well as lower market data and research costs. Year-on-year, adjusted costs increased by 12 
percent driven by higher compensation and benefits costs primarily due to higher deferred compensation relating to DWS' 
strong share price development since end of Q1 2020. 
The adjusted Cost-Income Ratio (CIR) improved by 4.2 percentage points to 60.7 percent in the first quarter 2021 (Q4 
2020: 64.9 percent; Q1 2020: 65.8 percent) - in line with our expectation to maintain an adjusted CIR of below 65 
percent in 2021. This decrease was primarily driven by higher revenues. As we plan with upcoming investments into 
growth and a normalization in performance and transaction fees and other revenues during the year, we expect an 
increase of the adjusted CIR from the low level in Q1. 
Growth Initiatives and Strategic Progress 
DWS further progressed in transformation and on its growth path in the first quarter. One important step for the 
organization was to ensure the long-term continuity of the leadership of DWS: Due to his successful work since his 
return to DWS in 2018, Asoka Woehrmann's contract as CEO has been renewed until October 2024 to continue the 
progression into Phase Two of DWS' corporate journey after the IPO. Going forward, he will also assume responsibility 
for sustainability on a holistic level and will lead all ESG efforts at DWS. This decision was made to gain even more 
traction in this space. In addition, we are continually improving our business structure. Therefore, we have made 
further organizational changes across divisions and regions in order to strengthen our efficiency and expertise as a 
firm. 
We have also laid our first foundations for a standalone technology platform for DWS in the first quarter. Furthermore, 
we have intensified our client engagement through technology: For our flagship investment conference in March, we 
launched our on-demand streaming platform DWS+, enabling our clients to access DWS-produced research materials and 
videos whenever and wherever they want. Moreover, we strengthened our collaboration with strategic partners: In Q1, we 
launched our first jointly produced AI product with our strategic partner Arabesque AI, with further offerings planned 
in the pipeline. In addition, DWS, in partnership with AMX (The Asset Management Exchange), innovated to produce a new 
index investment pooled funds stewardship solution for pension funds to more closely align stewardship policy with 
asset ownership. And enforcing a performance-driven culture, we implemented our new Functional Role Framework, removing 
corporate titles and replacing these with flat hierarchies instead. 
As further evidence of our successful business with customers, we  won a 1 billion Swiss franc (CHF) passive pension 
fund mandate with one of Switzerland's leading investment foundations, and further important mandates, for example for 
our Asian real-estate business. Besides, we continued to be recognized externally for our achievements, receiving 
several award wins at the Insurance Asset Risk Awards, the Morningstar Fund Awards, the ETF Express Awards, the EURuro 
FundAwards, the Capital Fonds-Kompass, the German and Austrian Fund Awards 2021, the TMI (Treasury Management 
International) Awards for Innovation & Excellence and the ICSC (International Council of Shopping Centers) Global 
Researcher Awards. 
Outlook 
The outlook remains unchanged from that published on February 4 and detailed in our 2020 Annual Report. 
Contact details for further information 
Media Relations                                                      Investor Relations 
Adib Sisani                                                                Oliver Flade 
[phone]                                                     [phone] 
[e-mail]                                               [e-mail] 
Karsten Swoboda                                                      Jana Zubatenko 
[phone]                                                     [phone] 
[e-mail]                                    [e-mail] 
Webcast/Call 
Asoka Woehrmann, Chief Executive Officer, and Claire Peel, Chief Financial Officer, will elaborate on the results in an 

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April 28, 2021 00:59 ET (04:59 GMT)