Search at DWS, asset management subsidiary of Deutsche Bank | Photo credits: Deutsche Bank AG
BERLIN, May 31 (Reuters) – German police have raided the premises of DWS, Deutsche Bank’s Frankfurt asset management subsidiary, prosecutors said on Tuesday without further details.
DWS declared to cooperate with the supervisory bodies and the authorities and assured that it would continue this cooperation.
No one was immediately available at Deutsche Bank to comment on the information, initially reported by the business daily Handelsblatt.
According to him, about fifty people participated in the search carried out at the headquarters of Deutsche Bank in Frankfurt and in a neighboring building housing DWS offices as part of an investigation into suspicions of “greenwashing” targeting the latter.
The US Securities and Exchange Commission (SEC) and Germany’s BaFin have each launched an investigation into allegations that DWS incorrectly classified certain products as investments classified as “sustainable” based on so-called ESG (environmental, social and governance).
DWS denied those claims.
(Report Miranda Murray, French version Marc Angrand)