Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 75

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 75
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 advanced its announced strategy with successful product launches, award recognitions and in-house sustainability awareness initiatives, including trainings and business-wide information sessions. Private Bank enhanced its sustainability product portfolio, fostered strategic thematic collaborations, and focused on strengthening the overall sustainability value proposition to support clients in their sustainable transition journeys.

| 46 |

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

Asset Management Asset Management consists of DWS Group GmbH & Co. KGaA, a global asset manager with diverse investment capabilities that spans traditional active and passive strategies, as well as alternative solutions. DWS strategy is composed of four strategic elements; Growth, Value, Build and Reduce, which are aligned to its capabilities and market growth prospects. The aim is to maintain market leading position in Germany, building on expertise and established customer relationships, in addition to expanding existing partnerships and developing new distribution channels, to gain additional market share. DWS sees additional market potential especially in Alternatives investments and Passive funds, represented by the Xtrackers brand. The Growth strategy is built on the potential in Passive and Alternatives businesses. DWS’ Passive segment, represented by the Xtrackers brand, sees sustained and profitable growth potential. Building on the franchise and European business, DWS has decided to invest in a U.S. growth plan including sustainable, thematic, and actively managed ETFs. Further, DWS sees a strong demand for mandates in Asia Pacific, and therefore plans to expand its customized mandates business. In 2024, DWS successfully expanded the Xtrackers offering in the European UCITS segment, launched further Passive ETFs in the United States and established a portfolio management team in Hong Kong. Scale is becoming increasingly important for asset managers and the DWS franchise. In 2024, DWS reached a key milestone by surpassing € 1 trillion of assets under management (AuM) for the first time. DWS will continue to actively review organic and inorganic growth initiatives. In Alternatives, DWS expects growth to be driven by higher demand from both institutional and retail investors. DWS’ competitive edge across lending markets from its distribution partnerships for retail clients is expected to see allocations to alternatives. DWS focuses on expanding offerings across Real Estate and Infrastructure, while building out the debt platform. During 2024, DWS capitalized on the expanding private credit market, strengthened the U.S. Real Estate credit business and established a European Alternatives credit platform, while the Infrastructure business remains well positioned to capture growing allocations. The Value strategy aims