Shares in DWS slid 3% to €27.5 (£24) on Wednesday morning after the firm published its third quarter update.
The asset management arm of Deutsche Bank reported net inflows including cash of €2.3bn (£2bn) in the three months to 30 September, which undershot forecasts.
Total assets under management at the end of the quarter edged up by €1bn to €860bn (£750bn). The firm said net inflows and positive effects from exchange rate movements slightly exceeded the negative impact from market developments.
Adjusted profit before tax was at €246m (£214bn) in the third quarter, down 6%.
The update comes a little over month after DWS was fine $25m (£16.5m) by American regulator the SEC for anti-money laundering violations and misstatements regarding ESG investments.
Chief executive Stefan Hoops commented: “We continue our steady climb up the mountain and move forward with our disciplined strategy implementation.
“In a quarter with ongoing geopolitical tensions and lower risk appetite on the client side, we achieved solid results with stable revenues, a higher net income and continued net inflows.
“For the first nine months, we delivered good financial results with net inflows excluding cash of €21bn driven by strong net new assets in our growth area, passive including Xtrackers. Thanks to our disciplined cost approach we were able to reduce our adjusted costs compared year-on-year despite high inflation rates.”