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Deutsche Bank's DWS to propose 1 bln euro special dividend in 2024

Kitco News

FRANKFURT, Dec 6 (Reuters) - Deutsche Bank-owned (DBKGn.DE) fund manager DWS (DWSG.DE) on Tuesday said it would propose a dividend of up to 1 billion euros ($1.05 billion) in 2024, as the German company tries to move on from allegations that it misled investors over its green credentials.

The announcement comes ahead of a briefing by company management of investors and analysts by new Chief Executive Officer Stefan Hoops.

Earlier this year, Hoops took the helm of the fund manager in a management shakeup following allegations and regulatory investigations into the so-called greenwashing. DWS has repeatedly denied the allegations.

DWS said the special dividend for 2024 was "subject to capital commitment to organic and inorganic growth initiatives".

DWS also announced that it would propose a dividend payout ratio of around 65% from 2025 on. That is higher than the ratio of 51% last year and an average of 61% since its initial public offering in 2018.

($1 = 0.9545 euro)

Reporting by Tom Sims and Marta Orosz; editing by Jonathan Oatis and Leslie Adler
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