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Berenberg starts DWS at 'hold' as volume growth impacts margins

By Reuters News06:41 (UTC), 20 October 2026 Updated

** Berenberg initiates German asset manager DWS Group DWSG.DE at "hold", citing volume growth driven mainly by lower-margin passive and cash products

** Management fee margins fell to 24.8 basis points in 2025 from 27.3 basis points in 2020, largely due to a shift towards passive products and pricing pressure, the broker says

** Berenberg projects cumulative 2026-28 net flows of 148 billion euros, missing management's target by about 10%

** It sets its PT at €68

** Up to the previous session's close, the stock was up about 16% this year

($1 = 0.8906 euros)

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