DWS, the asset management business majority owned by Deutsche Bank, has set aside €21m that it could draw on to pay regulators probing allegations the fund group overstated its ESG credentials.

The Frankfurt-headquartered firm, which announced its first half results on 26 July, published a half-year interim report that disclosed it is in “advanced resolution discussions” with the Securities and Exchange Commission to resolve an investigation that has been ongoing since late 2021.