DWS : Operational success and potential for transformation
>Buy recommendation underpinned - The Q3 2020 results and medium-term outlook underpin our Buy recommendation:DWS is ahead on its target for a cost-income ratio of < 65% in 2021: the cost-income ratio for the first nine months of 2020 stood at just 64.3% and 61.4% in Q3.The upward turnaround on inflow firmed up with +€ 10.5bn (vs +€ 5.3bn for the consensus). Net inflow for the nine months was € 13.7bn (1.8% of AuM on 1 January).We have raised our target...DWS Group GmbH & Co KgaA is a Germany-based company that provides integrated investment solutions. The Company offers active, passive and alternative investments across a wide range of asset classes, including Hedge Funds, Sustainable Investments, Private Equity, Liquid Real Assets, Real Estate, Equities and Fixed Income. It invests primarily in the areas of environmental, social and governance. The Company's clients include corporations, central banks, insurers, pension funds, public institutions, financial institution, not-for-profit organizations, as well as private investors. The Company is active in around 22 countries in Europe. Deutsche Bank AG is a majority shareholder of the Company.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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