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Deutsche Bank AG’s asset management arm, DWS Group, tells investors that environmental, social and governance concerns are at the heart of everything it does and that its ESG standards are above the industry average.
But behind closed doors he has struggled to define and implement an ESG strategy, sometimes portraying a rosier-than-reality picture for investors, according to his former chief sustainability officer and the internal emails and presentations seen. by The Wall Street Journal.
The DWS experience underscores the difficulties and pressure fund managers face to plant their flag in the hottest corner of the fund market, where investors invest $ 3 billion a day, according to Morningstar data.
Frankfurt-based DWS said in its 2020 annual report released in March that more than half of its assets under management, or 459 billion euros, or $ 540 billion, have gone through a process it calls the ESG integration. In such a process, companies are rated on ESG criteria, which allows fund managers to be informed if the investment faces risks associated with these standards.
According to an internal assessment of the company’s ESG capabilities a month earlier, “only a small fraction of the investment platform applies ESG integration”, adding that there is no quantifiable ESG integration or verifiable for key asset classes at DWS.
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