By Olivia Bugault

 

Shares in DWS Group GmbH & Co. KGaA fell on Thursday after The Wall Street Journal reported that the asset-management arm of Deutsche Bank AG was under investigation by U.S. authorities over potential overstated efforts on environmental and other issues.

At 0730 GMT, DWS Group was down 9.3%, while Deutsche Bank fell 2%.

DWS, a $1 trillion asset manager, is being probed by the Securities and Exchange Commission and federal prosecutors after its former head of sustainability said it overstated efforts to use sustainable investing criteria to manage its assets, the Journal reported late Wednesday, citing people familiar with the matter.

Deutsche Bank, DWS, the U.S. attorney's office in Brooklyn and the SEC all declined to comment, the Journal said.

Deutsche Bank owns a roughly 80% stake in DWS Group which is publicly listed on the Frankfurt Stock Exchange.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

August 26, 2021 03:59 ET (07:59 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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