DWS reports €12.1 billion net long-term flows in Q3, passive demand ramps up

European asset-manager DWS Group announced net long-term fund flows of €12.1 billion (~US$13 billion) in Q3 2025, driven predominantly by passive-strategy products such as ETFs and index-funds. Active-management strategies saw far smaller inflows, signalling investor preference for lower-cost vehicles and diversified portfolios. The strong passive-fund momentum reflects broad shifts in the asset-management industry and may amplify fee-pressure on active managers. Analysts expect further margin compression and structural change in product offerings as scale becomes ever more critical in fund economics.