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A raid on the offices of Deutsche Bank鈥檚 asset management subsidiary DWS over alleged greenwashing activities has shaken the company鈥檚 management and led to the resignation of CEO Asoka W枚hrmann. Accusations regarding fraudulent investment practices had become a 鈥渂urden鈥� for himself and the company, W枚hrmann聽. On 31 May, about 50 investigators searched the premises at DWS and parent company Deutsche Bank in Frankfurt am Main focusing on 鈥渦nspecified鈥� employees of the companies, public broadcaster ARD聽.

Financial supervisory authority BaFin said DWS had been investigated over greenwashing allegations since the beginning of the year to clarify whether the asset management company had tricked customers into buying financial products that were irregularly labelled as sustainable investments. Dubious criteria setting and false reporting on progress in sustainable finance development could have been among business practices carried out by DWS, BaFin said after carrying out initial research on the accusations. 鈥淐ontrary to what was said in customer information leaflets, only a minority of DWS funds are managed along ESG [environmental, social, governance] criteria,鈥� investigators said. Often, sustainable ESG factors did not play a role at all in investment decisions, they added.

Magdalena Senn of NGO Finanzwende commented the raid and W枚hrmann鈥檚 resignation are indicative of a long-standing problem in sustainable finance. 鈥淕reenwashing is not a petty crime,鈥� Senn said, stressing that it amounted to severe investment fraud if proven true. She said the incident could become a 鈥渟ignal鈥� to other asset managers. 鈥淧roviders offering investments labelled as sustainable will now examine more closely whether their own criteria match their promises.鈥�