(Reuters) - DWS on Thursday posted a fall in adjusted revenue in the first quarter of 2023 as Deutsche Bank (ETR:DBKGn)'s asset management subsidiary cited lower management fees predominantly driven by declining markets in 2022.
The company recorded adjusted revenue of 610 million euros ($674.11 million) for the first three months of the year, down 12% year on year.
DWS assets under management rose to 841 billion euros during the first quarter, helped by market developments and net inflows.
"With the adjusted cost-income ratio at 66.3% in Q1, we are on track to achieve our guidance for the year 2023," chief financial officer Claire Peel said.
DWS parent company Deutsche Bank posted a better-than-expected 9% rise in first-quarter profit as income from higher interest rates offset a slump in revenues at the investment bank.
($1 = 0.9049 euros)