Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 76

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 76
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 to maintain leadership in mature markets for Active, specifically Equity and Fixed Income, and to scale Multi Asset solutions. In Equity, DWS intends to selectively expand the platform. Given changing market environment and higher interest rates, DWS continues to focus on Fixed Income and institutional investors. In Multi-Asset, the aim is to strengthen solutions capabilities and enhance the modular investment platform to achieve economies of scale. With increasing importance of pension solutions, investment advisory and outsourced CIO services, DWS is looking to expand its current offerings in this segment. The Build strategy’s emphasis on digitalization trends aims to focus on asset management as-a-service and digital assets. Asset management-as-a-service is based on the belief that investment funds will be distributed by digital means, and therefore DWS intends to improve the integration of its services into offerings of distribution partners. In an increasingly tokenized economy, DWS’ Digital Assets strategy aims to utilize new blockchain infrastructure, build innovative products and reach additional clients. In 2024, DWS has established a joint venture with the aim of issuing a regulated, euro-dominated stablecoin and launched its first cryptocurrency Exchange-Traded Certificate (ETC) products to provide European investors with reliable Bitcoin and Ethereum exposure. The Reduce strategy intends to reallocate financial resources to fund Build and Growth areas. DWS continuously analyzes measures to increase efficiency. In 2024, DWS optimized its product portfolio by merging or closing several funds. DWS’s sustainability strategy aims to enable clients to navigate the sustainable transformation of the real economy by providing investment expertise and solutions. Climate change remains the key theme of the sustainability strategy as it poses a significant risks to the planet, humanity, and the global economy. The DWS sustainability strategy is built around three priorities: focus on climate related investing, strengthen engagement with investees and other relevant stakeholders, and advance DWS’ own corporate transformation to achieve commitment to net zero. Across all its activities, DWS acknowledges differences in client preferences and regulatory frameworks also across regions, and therefore seeks to take those into account in its product offering, engagement and proxy voting activities.

| 47 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

The competitive environment Geopolitical situations, particularly the ongoing war in Ukraine and further escalation in the Middle East, continued to influence the economic environment and risk perception in 2024. The global economy experienced robust growth of 3.2% in 2024. However, growth momentum varied across regions: while the European economy lagged, the U.S