It previously operated as part of Deutsche Bank until 2018 where it became a separate entity through an initial public offering on the Frankfurt Stock Exchange.

[6] In 2009, DWS took control over Rosenberg Real Estate Equity Funds (RREEF) which was also owned by Deutsche Bank.

[7] In 2012, Deutsche Bank announced the establishment of its Asset & Wealth Management (AWM) division which DWS was fully integrated into.

[13] A DWS annual report in 2020 claimed that half of the company's assets ran through environmental, social and corporate governance (ESG) criteria.

[14] As a result of the probe, German regulators began investigating Deutsche Bank president Karl von Rohr's role in the DWS.

[15] In 2021, The Wall Street Journal reported that the United States Department of Justice and U.S. Securities and Exchange Commission were investigating DWS' claims of sustainable investing.