Q3 2024 DWS Group GmbH & Co KgaA Earnings Call Transcript
Key Points
- DWS Group GmbH & Co KGaA (XTER:DWS) reported record levels for assets under management, reaching EUR963 billion, driven by strong net inflows and market appreciation.
- The company achieved a record high for long-term net flows, particularly in passive and Xtrackers businesses, and active fixed income.
- DWS Group GmbH & Co KGaA (XTER:DWS) improved its adjusted cost income ratio to 61.7%, below the guidance for the full year 2024.
- Management fees increased by 2% quarter on quarter, reflecting a continued increase in average total assets under management.
- The company is confident in achieving its 2025 financial targets, including an adjusted cost income ratio of below 59% and earnings per share of EUR4.50.
- DWS Group GmbH & Co KGaA (XTER:DWS) experienced outflows in alternatives during Q3, although they expect a return to net inflows in this asset class by the end of the year.
- There was a slight decline in the management fee margin, attributed to technical effects, impacting the overall revenue composition.
- The company faced challenges in active equity, with continued risk aversion affecting inflows despite some positive examples.
- Performance and transaction fees remained low, with a slight negative impact on overall revenue growth.
- The company is still addressing ongoing cost challenges, including external vendor costs and transformation costs, despite significant progress in cost management.
Ladies and gentlemen, welcome to the DWS Group Q3 2024 results with investor and analyst conference call. I'm Sandra, the Chorus Call operator. (Operator Instructions) And the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast. At this time, i's my pleasure to hand over to Oliver Flade, Head of Investor Relations. Please go ahead, sir.
Yeah, thank you, Sandra, and good morning to everybody from Frankfurt. This is Oliver from Investor relations and I would like to welcome everybody to our earnings call for the third quarter of 2024. Before we start, I would like to remind you that the upcoming Deutsche Bank analyst call will outline the asset management segment results, which have a different parameter basis to the DWS results that we are presenting now.
I am joined, as always, by Stefan Hoops, our CEO; and Markus Kobler, our CFO. And Stefan will start with some opening remarks and Markus will take you through the
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