Deutsche Bank and DWS strengthen their alliance to improve discretionary portfolio management
10 FEB, 2026
By Joanna Piwko from RankiaPro Europe
Deutsche Bank and DWS expand their strategic collaboration in the discretionary management of portfolios for high net worth private clients, combining the client-centered private banking advisory model with the scale and solidity of the investment infrastructure of a leading manager in Europe.
In the new scheme, the implementation of Deutsche Bank's portfolios will be backed by DWS's institutional investment and execution platform. Deutsche Bank Private Bank will maintain responsibility for strategic asset allocation, portfolio design, and investment strategy, under the direction of its Global Investment Office.
This integrated approach seeks to combine the client knowledge of Deutsche Bank's private banking with the operational capacity and scale of DWS, thus reinforcing the value proposition for high net worth investors.
Implications for high net worth clients
For Private Bank clients, the fundamental characteristics of discretionary portfolio management will remain unchanged: assets will continue to be held in individual accounts at Deutsche Bank Private Bank. Client ownership, product responsibility, and brand leadership will continue to fall entirely on Deutsche Bank.
The initiative is based on the long and successful cooperation between Deutsche Bank and DWS along the investment value chain and reinforces the shared ambition to continue developing DPM as an essential managed solution for private wealth clients. This strengthening of the collaboration underlines the common goal of combining strengths to provide better service and results to clients.
In the recent Investor Deep Dive, I outlined our ambition to accelerate the growth of our wealth management franchise, including our commitment to double DPM volumes over the next three years. By partnering with DWS, we are building a scalable institutional platform that enhances our discretionary capabilities and further strengthens our proven Global Hausbank approach.
Claudio de Sanctis, member of the Board of Directors of Deutsche Bank and director of the Private Bank
Unlocking the potential of a closer collaboration within the Deutsche Bank Group is a key lever for future growth. Building on our strong track record of serving Deutsche Bank customers with DWS products, the expansion of our partnership in discretionary portfolio management is a tangible example of how we can create additional value, bringing our institutional investment capabilities and execution to help achieve better results for Deutsche Bank customers.
Stefan Hoops, CEO of DWS
