AmazonScience/document-haystack

1strengthen our Passive business with a new, specialised investment team in Hong Kong and 2inflows of more than € 2.5 billion from Australia and New Zealand.3In Alternatives, we explored a variety of organic and inorganic growth opportunities. We 4launched our first infrastructure retail fund in Europe. In the United States, we introduced a 5fund investing in residential real estate.6Value7We aim to maintain leadership in mature markets in Active, particularly Equity and Fixed 8Income, and to increase the scalability of our Multi-Asset solutions through modularisation 9solutions.10In Equity, we intend to selectively expand our platform. Given the changing market 11environment and higher interest rates, we will continue to focus on Fixed Income and 12institutional investors. In Multi-Asset, we want to further strengthen our solutions capabilities 13and are enhancing our modular investment platform in order to achieve economies of scale. 14With an increasing importance of investment advisory and outsourced CIO services, we want 15to expand our current offering in this segment.16Examples of Progress 17We have established a Global Insurance Council to strengthen our focus on insurance clients 18as well as the distribution of our Active Fixed Income products. Additionally, we reorganised 19our Fixed Income investment platform in the Americas to improve cross-sector collaboration. 20In 2023, we continued to optimise our product portfolio by merging or closing several funds. 21We modularised and automated key elements of our portfolio management value chain, such 22as security selection.23Build24In terms of digitalisation trends, we are focusing on Asset Management-as-a-Service and 25digital assets.26We expect that Asset Management-as-a-Service will improve the digital investor journey. 27Therefore, we plan to build a respective modular offering which is scalable and integrated via 28application programming interfaces into offerings of new and our existing distribution 29partners. 30We see an increasing tokenisation of our economy. With the resulting changes in the market 31structure, we want to utilise a blockchain infrastructure, develop new products and reach 32digital native clients. In particular, we are exploring opportunities to issue traditional 33investment products via blockchain and to provide access to cryptocurrencies through 34organic investments and partnerships.35Examples of Progress 36As part of our strategic alliance with Galaxy Digital, we established the DWS Digital Assets 37Academy, an internal educational training program designed to upskill employees on the 38fundamentals of digital assets, their importance for the future of finance and their integration 39into investment portfolios.40In December 2023, we agreed to establish a joint venture together with Galaxy Digital and 41Flow Traders. Bringing together traditional asset management expertise with digital asset 42know-how, our collective mission is to revolutionise the on-chain economy by issuing a fully 43collateralised euro-denominated stablecoin in a regulated environment.44Reduce45We intend to reallocate financial resources in order to fund investments in “Build” and 46“Growth”. In this context, we continuously analyse measures to increase efficiency, including 47divestment from sub-scale businesses and reduction of management layers. Our efficiency 48measures including divestment are designed to avoid negative impact on our business.49Examples of Progress 50In 2023, we completed the sale of our Private Equity Solutions business. As part of a broader 51efficiency programme, we also reduced management levels in our organisation.52        53To our Shareholders Summarised 54Management Report55Consolidated 56Financial Statements Compensation Report Corporate Govern-57ance Statement58Supplementary 59Information DWS 2023 Annual Report60 61Our Strategy and Our Market628 Our Strategy