Germany’s top fund manager plunged into crisis over allegations of greenwashing
Germany’s top fund manager has been plunged into crisis over allegations of greenwashing.
DWS boss Asoka Wohrmann quit yesterday after citing the ‘burden’ caused by a former executive claiming the company’s 2020 annual report made misleading statements on environmental, social and governance criteria (ESG).
Trouble: 50 police officers raided the Frankfurt offices of DWS and its majority owner Deutsche Bank
It came after around 50 police officers raided the Frankfurt offices of DWS and its majority owner Deutsche Bank on Tuesday to collect evidence as part of a fraud investigation.
The asset management firm was first thrown into disarray when Desiree Fixler last year alleged more than half of the group’s $900bn assets were invested using ESG.
While DWS has denied the claims, its 2021 annual report, published in March, reported ESG assets that were 75pc less than a year earlier.
Wohrmann said: ‘In order to protect the institution and those closest to me, I would like to clear the way for a fresh start.’
He will step down on June 9 and be replaced by Stefan Hoops. Shares fell 6pc by the close of trading in Frankfurt yesterday.