DWS : Q2 2024 below estimates; H2 2024e flow momentum set to improve
>DWS reported Q2 2024 adj. pre-tax profit of € 249m, down 4% y-o-y - DWS reported Q2 2024 adj. pre-tax profit of € 249m, down 4% y-o-y and below the € 256m consensus and our estimate of € 268m. The miss was driven by slightly lower revenues triggered by low performance fees and slightly higher costs than anticipated. Net flows were negative with € 18.7bn (H1 2024 -€ 10.9bn). Long-term net flows (excl. Cash and Advisory Services) stood at a negative € 6.0bn (H1 2024 + ...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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