FRANKFURT (dpa-AFX Broker) - After being downgraded to "Neutral" by the investment house Exane BNP Paribas, the shares of DWS fell below the 34 euro mark again on Tuesday. This had acted as resistance in the second half of June, at which the shares had failed several times. Most recently, the discount amounted to 2.2 percent to 33.26 euros. From a technical perspective, the June lows below 33 euros could now become important.

The redemption of shares in DWS's largest real estate fund by investors increased in the second quarter and is likely to accelerate, wrote analyst Arnaud Giblat of Exane BNP Paribas. This is putting pressure on the asset manager's earnings. This, combined with outflows from the actively managed equity fund business, is slowing down a return of fees to positive territory./bek/mis