US economy

ECB looking into governance issues of Deutsche Bank fund unit – source

© Reuters. FILE PHOTO: A euro sculpture is pictured in front of the headquarter of the European Central Bank (ECB) in Frankfurt, January 15, 2009. REUTERS/Kai Pfaffenbach

By Tom Sims and Frank Siebelt

FRANKFURT (Reuters) – The European Central Bank is looking into corporate governance issues surrounding the chief executive officer of Deutsche Bank (DE:)’s fund unit DWS, a person with knowledge of the matter said on Friday.

The ECB’s queries into governance practices at DWS come on top of separate investigations by the U.S. Securities and Exchange Commission as well as Germany’s financial regulator BaFin into allegations that DWS overstated how it used sustainable investing criteria to manage investments. DWS has denied those allegations.

DWS, Deutsche Bank and the ECB declined to comment on the ECB’s inquiry.

($1 = 0.8986 euros)

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