Deutsche Bank AG’s DWS mutual fund unit may lose its market leadership in Germany to DekaBank Deutsche Girozentrale, DWS has admitted.
DWS told Financial Times Deutschland that it is increasingly concerned with foreign investments, which may cause the loss of its leadership at home.
DWS’ managing director, Klaus Kaldemorgen, tells the newspaper that DekaBank, the investment fund manager of Germany’s state-owned savings banks, has an “enviable” distribution network through its savings banks. at present, DWS has a 22% market share in Germany, while DekaBank owns 20% of the market.
By November, DWS had attracted $21.5 billion of investment for the year, $13.6 billion of which came from Germany and the rest from abroad, the newspaper says.
DekaBank took $17.5 billion from January to September in German investment. DekaBank’s chief Franz Waas says that the bank aims to overtake DWS in the German market by 2009.