Warning – attempted fraud
We have detected that fraudulent individuals are misusing the "DWS" trademark and the names of DWS employees on the internet and social media. These fraudsters are operating fake websites, Facebook pages, WhatsApp groups and Mobile Apps. Please be aware that DWS does not have any Facebook Ambassador profiles or WhatsApp chats. If you receive any unexpected calls, messages, or emails claiming to be from DWS, exercise caution and do not make any payments or disclose personal information. We encourage you to report any suspicious activity to info@dws.com, including any relevant documents and the original fraudulent email. Additionally, if you believe you have been a victim of fraud, please notify your local authorities and take steps to protect yourself.
13/2/2025
Germany’s government fell in November. What new government will emerge now? Will it be able to tackle the country’s big structural economic problems? And what will it mean for German financial assets?
Vincenzo Vedda
Chief Investment Officer
On February 23rd, after a particularly heated election campaign, Germany will elect a new parliament in an election process that is itself more complex than in most countries. The balance of power that emerges between the many different parties will be crucial to the formation of what is likely to be a new coalition government. The coalition that governed until November 2024 fell apart, not least over economic and fiscal policy. The formation of a new government is likely to involve policy negotiations between the parties – which could progress rapidly if the election produces a clear winner but may be protracted if it does not. It could take months for a new policy agenda to be formulated.
The election is the starting point for our analysis. We then look at why the German economy has been struggling in recent years and to what extent an improvement may be possible after the election. What are the parties' proposals for strengthening the German economy, and which have most chance of being implemented under different political constellations? And what does all this mean for German financial assets and for investors?
In the imminent elections many parties are vying for the right to influence Germany’s political future. Leading the polls now are the Christian Democratic Union (CDU) and its Bavarian sister party, the Christian Social Union (CSU). Together they are known as the Union parties – and we will refer to them collectively as the Christian Democrats. They represent the center-right in Germany, and traditionally emphasize economic stability, national security, and a strong European Union (EU). Both the CDU, founded after World War II, and the Social Democratic Party (Sozialdemokratische Partei Deutschlands -- SPD), which was established in the 19th century and has its roots in the labor movement, have historically been the only parties to nominate the chancellor. The SPD is a center-left party which has been a longstanding advocate for social justice, labor rights, and strengthening of the welfare state. Meanwhile, Alliance 90/The Greens – commonly referred to as just the Greens – have their roots in the environmental movement of the 1980s and prioritize environmental issues, sustainability, and social equality. The Alternative for Germany (AfD), founded in 2013, in part in response to the Eurozone crisis, is a far-right party that has gained traction through its populist rhetoric and criticism of immigration policies and the EU.
Alongside these major players, numerous smaller parties are also competing for influence in shaping Germany's political future. The Free Democratic Party (FDP), founded in 1948 with the primary aim of rebuilding Germany's economy, is known for its liberal economic policies, championing of individual freedoms and commitment to a free-market economy. Die Linke (The Left), which has its origins in the Party of Democratic Socialism in the former East Germany, stands for democratic socialism, anti-capitalism and pacifism, and appeals to voters on the far left. Then there is “Bündnis Sahra Wagenknecht” (BSW), a party recently founded by the former deputy leader of The Left, Sahra Wagenknecht, which combines left-wing populism on economic issues with cultural conservatism. Lastly, the Free Voters (Freie Wähler, FW), not a traditional party but a loose association of independent voters and local politicians, focuses on grassroots democracy, decentralization and community-oriented policies; its stance on political issues often varies across different regions.
Attacks by migrants have made the migration question the primary topic in campaigns
Germany has been going through one of the most momentous election campaigns in living memory. A number of fatal stabbings and other assaults by migrants, most recently in the city of Aschaffenburg in January, have caused widespread alarm and further increased the importance of migration as an election issue in the final weeks of the campaign, triggering high-profile debates in parliament.[1]
The previous government, led by chancellor Olaf Scholz, was unpopular and the Ampel or “traffic-light,” coalition, based on the colors of the parties involved, the Social Democrats (SPD), Greens and Free Democrats (FDP), collapsed spectacularly in November amidst mutual recriminations. The center-right Christian Democrats, the biggest opposition party, might have been expected to benefit. But looking at polling data it is striking that the CDU and CSU, have, if anything, been losing ground since the collapse of the previous government. This is a highly unusual development, perhaps reflecting lingering doubts among some voters whether they want Christian Democrats back in government so soon. It may also be that voters distrust all the major parties, feeling that none has successfully addressed the problems the country faces. Prior to Scholz’s period as Chancellor, the Christian Democrats were in power for 16 years during which reforms were delayed as the economy seemed to be doing fine. Since then, it may have become clear to some voters that many structural problems predated the Ampel. The Christian Democrats’ previous openness to migration may also have cost it popular support, and the AfD has been able to profit from that.
National polling averages show modest but potentially significant changes since new elections were announced
Source: Simple averages created based on data from wahlrecht.de as of 01/31/2025
Too early to call the impact of recent parliamentary maneuvering
The polling data is inconsistent and suggests many voters remain undecided – and therefore open to being persuaded by one party or another. For example, the simultaneous findings of normally quite reliable pollsters show a CDU/CSU support at anywhere between 28% and 34% -- an unusually wide range.[2]
Up until the fatal stabbing in Aschaffenburg, in which a man and a 2-year-old boy were killed, the Christian Democrats had attempted to talk as little as possible about migration, presumably because the party felt that its economic policies would be more likely to draw support from its target electorate. Friedrich Merz, their candidate for chancellor, also tried, not always successfully, to avoid any collaboration with the far-right AfD, including at the local and regional level. But, in the final days of the current parliament, the Christian Democrats joined forces with the AfD and Free Democrats (FDP) to pass a non-binding resolution on migration in the Bundestag.
This joint vote was extremely controversial because it arguably breached the so-called “Brandmauer,” or firewall – a determination on the part of all centrist parties that they would not collaborate with the extreme right, especially at the national level. This led to an intervention in the debate by the former chancellor and CDU leader, Angela Merkel, at the end of January in which she criticized Merz and said it was wrong for the CDU to do this.
A later attempt to pass an actual migration law (at least through the lower chamber) failed, but not without further highlighting divisions among the Christian Democrats. Although Merz has gone out of his way in recent days to paint the AfD as an unacceptable partner for any governing arrangement, we expect the Christian Democrats to continue to be dogged by questions about the party’s flirtation with the far right.
A complex system, in which smaller parties matter a lot
Germany’s voting system remains unusually complex and in German federal elections the eventual parliamentary seat count is hard to forecast.
Unlike voters in most countries, Germans get two votes when electing the Bundestag – one for a local candidate in each of the country's 299 constituencies, and one for a party list. [3]Winning 5% of the national vote via the party list is one way to enter the Bundestag under a proportional representation system.
The other way is to secure so-called "Direktmandate" (best translated as “direct seats”). Voters who are particularly keen to boost a small party’s fortunes therefore have two ways to do so – give it their list vote so that it clears the 5% hurdle nationally or vote for that party’s local candidate, if they happen to live in a district that is unusually favorable to the small party. In most instances, whoever gets the most votes in a district wins a direct seat.[4] Winning at least three such direct seats (i.e. obtaining a plurality of first votes in at least three constituencies) allows parties to enter the Bundestag and to participate in the distribution of seats allocated via proportional representation defined by the share of second votes.[5]
Therefore, until the election has taken place, which of the smaller parties will be represented in the lower chamber of Germany’s parliament, the Bundestag, will be unclear. Apart from the Christian Democrats, Social Democrats, Greens and AfD, the only other party that is very likely to win at least one seat is the Südschleswigsche Wählerverband (SSW) – a regional party that many Germans may never have heard of.[6]
In addition, BSW and The Left, the left-wing parties, have both been hovering at about 5% in polls, with the more right-wing, liberal Free Democrats usually a touch below.
Direct seats may enable smaller parties to enter the Bundestag
The main practical implication of the direct seats is that The Left looks reasonably well placed to get into the Bundestag as it has a decent chance of securing three direct seats in districts in the former communist east -- and a number of well-known incumbents in those seats.[7]
The right-wing populist Free Voters (FW) are the junior members at present of a ruling coalition in the southern state of Bavaria with the CSU and are targeting four direct seats there, but this is a trickier call.[8]
By contrast, polling data, electoral history and the campaign so far all suggest that the Free Democrats, whose vote is evenly distributed throughout the country, are unlikely to be in contention for any direct seats, whether or not they fall short of 5% nationally.
How will recent events influence the vote?
The upshot of all this is that investors would be ill-advised to prejudge the likely outcomes of both the election itself and the subsequent process in which a coalition is likely to be formed.
It remains unclear whether the recent votes on immigration in which the Christian Democrats drew on AfD support will help or hurt the party. Merz, the Christian Democrat leader, has made his migration proposals, which will make it harder for immigrants to enter the country, a make-or-break item for coalition negotiations. This could create sizeable obstacles for any coalition with either the Greens or the Social Democrats. And it may be necessary to convince not just the leaders of these parties but also their ordinary members, who are likely to be consulted (one way or the other) on any coalition deal.
Possible coalition outcomes
Against this backdrop, it is prudent to prepare for a range of election outcomes. In particular, investors should be aware that both a clear result, leading to the rapid formation of a stable coalition with a majority in the Bundestag, and an unclear result, leading to a prolonged period of political uncertainty, are possible.
It may be that the biggest source of uncertainty is the question of which parties secure either at least 5% nationally, or 3 direct seats. The smaller parties represent a combined total of approximately 20% of voters. But if none of them obtains any seats in the Bundestag, a combined voter share of as little as 40% of possible coalition partners would probably be enough to command a majority of Bundestag seats. If, on the other hand, all or most of the smaller parties manage to win some seats, a coalition would probably need to command a combined level of voter support in the 45% to 50% range.
Which of the smaller parties have won seats and what level of popular support is likely to be needed to form a coalition should become clear on election night or soon thereafter. Outperformance or underperformance could lead to significant changes in party leaderships. For example, if the Christian Democrats barely improve on their disastrous 24% of the vote in the 2021 election, the party’s lowest share since WWII, and lose ground to the SPD, the Greens, AfD or even all three, Merz would probably resign, as his predecessor Armin Laschet did in 2021. A departure of Merz, however unlikely it may seem at this stage, might help smooth coalition negotiations, but that would also depend on the profile of whoever succeeds Merz. After voting with AfD, Merz is distrusted by the Greens and the Social Democrats, but most other Christian Democrat Members of Parliament voted likewise. In short, unless there is a dramatic surprise, the next government is likely to be led by the Christian Democrats, but beyond that, a wide range of outcomes is possible.
Could we see a minority government?
Conversely, a surprisingly strong showing for the Christian Democrats, together with a fragmented Bundestag, could paradoxically make cobbling together any governing arrangement that excludes the AfD very hard, as proved the case recently in several East German states, causing minority coalition governments led by the Christian Democrats to be formed in Saxony and Thuringia. It is also worth pointing out that Germany’s so-called Basic Law (the Grundgesetz[9]) was designed to make it difficult to trigger fresh elections in order to avoid reaching compromises. In theory, at least, Germany looks well prepared to function under a minority government – even if most of the current national political leadership is not.[10] Bringing down a minority government would be hard, as long as the opposition is divided. Potentially, such a government could try to seek majorities on a case-by-case basis, though we admit that this would very much go against Germany’s political culture. More plausible, at least in theory, would be confidence and supply arrangements of the sort quite common in the states of the former Eastern Germany in the 1990s, when formal coalitions with PDS (predecessor of The Left) were widely considered taboo, but political realities were such that both PDS and Social Democrats had something to gain from the former agreeing not to topple left-leaning state governments in return for policy concessions. This time around, we still find it hard to see any confidence and supply arrangement between Christian Democrats and AfD in the Bundestag, though it could be a topic for after the next election – especially if tried at the state level in the meantime.
Compromises are also encouraged by the fact that power in Germany is widely distributed. Most importantly, the balance of power in the upper house, the Bundesrat, is determined by frequent regional elections in each of the federal states (the Bundesländer) and the subsequent formation of state-level governments. This gives even small parties in government at the state level significant veto power on most matters of legislative significance.
The Bundesrat currently includes all the parties mentioned in this report except the AfD, which so far has no participation in any state government, as all other parties have up until now refused to enter coalitions with it. This means that even if the AfD was somehow able to emerge as the largest force in the next Bundestag and to ally itself with a defeated, shrunken and demoralized Christian Democrat party, the resultant government would be heavily constrained in what it could do, from laws relevant to states to changing parts of the Basic Law.[11] Whatever the agenda, reforming Germany requires a broad consensus that stretches beyond the parties that are in government nationally.
For background, see, for example: The Economist, Jan. 29, 2025, Merz’s migration gamble: A day of drama in the Bundestag. Friedrich Merz, Germany’s probable next chancellor, takes a huge bet and triggers uproar
For a useful overview, see the website of Wahlrecht.de e. V.
Voters are free to split their support, which can encourage tactical voting
Strictly speaking, candidates are elected by plurality of first votes to represent the respective constituency in the Bundestag by getting preferential treatment on their party’s list at the state level. This leads to some further complications best left aside for today.
We will leave aside some further complications potentially inviting further legal challenges to the current rules, which were largely imposed by Germany’s constitutional court last summer as temporary fix to the most recent reform measures.
Südschleswigsche Wählerverband (SSW), little known outside of Schleswig Holstein, will likely retain its single seat presence in Bundestag, thanks to special rules applying to parties representing ethnic minorities.
Districts such as Berlin’sTreptow-Köpenick, as well as a few other, less prominently represented East German seats, such as Leipzig Süd.
Our polling chart includes them under Others, as they are rarely included in national surveys and only secured 2.7% in last year’s elections to the European Parliament. Most district-level seat projections rely on simplifying assumptions for both Free Voters and BSW, given the lack of historical and district-level data for these parties.
Best translated as Basic Law. The Grundgesetz serves similar functions as written constitutions in other countries. However, it includes some extra protections for the rule of law and other democratic processes and constitutions, requiring two thirds majorities in both Bundesrat and Bundestag and explicitly listing parts that cannot be changed in this way.
For a good summary overview of Germany’s limited experience so far with minority governments at both the state and the national level, see: Wissenschaftliche Dienste, Deutscher Bundestag, 13. Dezember 2018, “Sachstand Tabellarische Übersicht über Minderheitsregierungen in der Bundesrepublik Deutschland seit 1949”, WD 1 - 3000 - 042/18. From a comparative perspective, one big reason is that Germany’s political landscape used to be very unusual, until the last decade or so, in terms of how few parties were represented in various parliaments compared to those in many of its neighbors.
Note, though, one other implication of last week’s events in the Bundestag. Over the medium term, these might encourage various forms of parliamentary collaboration in state parliament, such as Christian Democrats relying on tacit support from the AfD to form minority governments, rather than reaching out to other parties for formal coalitions. In the Bundesrat, such arrangements would leave the Christian Democrats as the sole voice in these states, potentially making national lawmaking easier once again.
DWS does not intend to promote a particular outcome to the German federal elections due to take place on 2/23/25. Readers should, of course, vote in the election as they personally see fit. This information is subject to change at any time, based upon economic, market and other considerations and should not be construed as a recommendation. Past performance is not indicative of future returns. Forecasts are not a reliable indicator of future performance. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Alternative investments may be speculative and involve significant risks including illiquidity, heightened potential for loss and lack of transparency. Alternatives are not suitable for all clients. Source: DWS Investment GmbH.
DWS is the brand name of DWS Group GmbH & Co. KGaA and its subsidiaries under which they do business. The DWS legal entities offering products or services are specified in the relevant documentation. DWS, through DWS Group GmbH & Co. KGaA, its affiliated companies and its officers and employees (collectively “DWS”) are communicating this document in good faith and on the following basis.
This document is for information/discussion purposes only and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as investment advice.
This document is intended to be a marketing communication, not a financial analysis. Accordingly, it may not comply with legal obligations requiring the impartiality of financial analysis or prohibiting trading prior to the publication of a financial analysis.
This document contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. No representation or warranty is made by DWS as to the reasonableness or completeness of such forward looking statements. Past performance is no guarantee of future results.
The information contained in this document is obtained from sources believed to be reliable. DWS does not guarantee the accuracy, completeness or fairness of such information. All third party data is copyrighted by and proprietary to the provider. DWS has no obligation to update, modify or amend this document or to otherwise notify the recipient in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
Investments are subject to various risks. Detailed information on risks is contained in the relevant offering documents.
No liability for any error or omission is accepted by DWS. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid.
DWS does not give taxation or legal advice.
This document may not be reproduced or circulated without DWS’s written authority.
This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or use would be contrary to law or regulation or which would subject DWS to any registration or licensing requirement within such jurisdiction not currently met within such jurisdiction. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions.
© 2025 DWS Investment GmbH
Issued in the UK by DWS Investments UK Limited which is authorised and regulated in the UK by the Financial Conduct Authority.
© 2025 DWS Investments UK Limited
In Hong Kong, this document is issued by DWS Investments Hong Kong Limited. The content of this document has not been reviewed by the Securities and Futures Commission.
© 2025 DWS Investments Hong Kong Limited
In Singapore, this document is issued by DWS Investments Singapore Limited. The content of this document has not been reviewed by the Monetary Authority of Singapore.
© 2025 DWS Investments Singapore Limited
In Australia, this document is issued by DWS Investments Australia Limited (ABN: 52 074 599 401) (AFSL 499640). The content of this document has not been reviewed by the Australian Securities and Investments Commission.
© 2025 DWS Investments Australia Limited
For institutional / professional investors in Taiwan:
This document is distributed to professional investors only and not others. Investing involves risk. The value of an investment and the income from it will fluctuate and investors may not get back the principal invested. Past performance is not indicative of future performance. This is a marketing communication. It is for informational purposes only. This document does not constitute investment advice or a recommendation to buy, sell or hold any security and shall not be deemed an offer to sell or a solicitation of an offer to buy any security. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer or its affiliated companies at the time of publication. Certain data used are derived from various sources believed to be reliable, but the accuracy or completeness of the data is not guaranteed and no liability is assumed for any direct or consequential losses arising from their use. The duplication, publication, extraction or transmission of the contents, irrespective of the form, is not permitted.
Institutional Investor
Please read the following Important Information and then click the appropriate option box below.
This Australian website is operated by DWS Investments Australia Limited ABN 52 074 599 401 (“DWS Australia”).
DWS Australia is a company incorporated under the laws of the Australian Capital Territory, Australia with its principal place of business in Australia at Level 16, 126 Phillip Street, Sydney, New South Wales 2000 Australia. DWS Australia is the holder of Australian Financial Services Licence No. 499640. DWS Australia is an asset management subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”).
DWS Australia is not an Authorised Deposit-taking Institution under the Banking Act 1959 nor regulated by APRA.
Your use of this Australian website (“website”) is subject to this Important Information, the Terms of Use, our Privacy Statement and any other terms, conditions, notices or disclaimers displayed on the website (Website Terms”). If you do not agree to these terms, then do not use this site.
By using the website you will be deemed to accept the Website Terms and agree to be bound by them.
Access to the information contained on this website is intended solely for persons in Australia who are wholesale clients as defined in section 761G of the Corporations Act and who are accessing this website from within Australia. If you are not resident in Australia, please do not use this website. You must not distribute or pass on information on this website, which is intended solely for wholesale clients, to any person who is not a wholesale client.
This website does not constitute an offer or solicitation and is not directed at you if DWS Australia is prohibited by any law of any jurisdiction from making the information on this website available to you and is not intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in any jurisdiction where this would not be permitted.
This website is not aimed at any US Person (as defined by Regulation S of the US Securities Act 1933) and is not to be used by persons in the United States or US Persons. It does not constitute an offer to sell or solicitation of an offer to buy, or an invitation to subscribe for or buy securities in the United States. By accessing this website, you represent, warrant and agree that you are not a US Person, a resident of the US, currently located in the US or a person acting on account of a US Person.
This website does not constitute investment, legal or tax advice with respect to products or services and it is important that you do not rely on its content when making an investment decision. The information on this website is general information only and does not take into account your individual objectives, financial situation or needs. No recommendation or advice is being given as to whether any investment or strategy referred to on this website is suitable for you. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction. DWS Australia will not treat users of the website as its clients by virtue of them accessing it.
Past performance is not indicative of future results. The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall. DWS Australia does not guarantee any particular rate or return, the performance of any investment or the repayment of capital from any investment.
DWS Australia does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Certain information contained on this website (including any forward-looking statements and economic and market information) has been obtained from published sources and/or prepared by third parties and may not be current. While such sources are believed to be reliable, DWS Australia, each of its officers, employees and affiliates do not assume any responsibility for the accuracy or completeness of such information. Any views or opinions expressed may not reflect those of DWS Australia, or any of its officers, employees and affiliates as a whole.
The information expressed on this website is subject to change without notice.
Your Use of the Website
You must NOT use the website (or permit or procure others to use it) as follows:
When using the website, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on the website in certain countries and we and our affiliated companies disclaim all responsibility if you download any information from the website in breach of any law or regulation of the country in which you reside.
We may, in our absolute discretion, and without any liability or giving any reason to you, terminate, suspend or restrict your access or use of part or all of the website if we consider that you have breached any of the Website Terms or if we otherwise consider it necessary in order for the proper functioning of the website.
All copyright and other intellectual property rights subsisting in this website (including all content on this website) is owned by DWS Australia or our affiliates or licensors. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the website (including any content on the website) without the prior written permission of DWS Australia.
Nothing on this website should be construed as granting any licence or right in relation to any of our trademarks or those of our affiliated companies or any third party.
You grant to DWS Australia, a non-exclusive, irrevocable, perpetual, worldwide, royalty-free, transferable licence to use, reproduce, modify, adapt, publish or communicate to the public all information you provide to us for the reasonable purposes of our business and to permit third parties to do those things for us. You consent to any act or omission that would otherwise infringe any of your rights (including your moral rights) in information you provide to us.
You warrant that you have the right to grant the above licence, that our exercise of the licence rights will not infringe the rights (including intellectual property rights) of any person and does not breach any law.
The website, including information and materials contained in the website, text, graphics, software, links and other items are provided "as is" and/or "as available". DWS Australia does not warrant the accuracy, adequacy, completeness, timeliness or availability of the website, and expressly disclaims liability for errors or omissions in the website. To the maximum extent permitted by law, DWS Australia expressly disclaims any implied statutory guarantees and any express or implied warranties of any kind, including any warranties of merchantability, fitness for a particular purpose or non-infringement in conjunction with the website.
To the maximum extent permitted by law, DWS Australia and each of its officers, employees and affiliates, excludes all liability for any damages, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the website or use thereof or the inability by any party to use such website, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if DWS Australia, or representatives thereof, are advised of the possibility of such damages, losses or expenses. You release and discharge DWS Australia and each of its officers, employees and affiliates from and against any and all liabilities suffered or incurred by you as a result of your use of this website or any investment decision by any person made in reliance of any information sourced from this website.
Hypertext links to other internet websites or materials prepared by third-parties (’links’) are included as a convenience for our visitors. Certain hypertext links on the website may lead you to websites that are not under the control or charge of DWS Australia.
DWS Australia is not responsible and assumes no liability for the content of any linked websites and materials prepared by third-parties, including, without limitation, the accuracy, subject matter, quality or timeliness of the content of such linked external websites or materials. The fact that such links have been provided does not constitute an endorsement, authorization, sponsorship by or affiliation with DWS Australia with respect to any linked website or material or their sponsor or author. There are risks in using any information, software or product accessed on the Internet and we urge you to make sure you understand these risks before doing so.
By entering this website, you acknowledge and agree that DWS may place cookies on the device via which you access the site. These cookies are either to give us anonymised data about your use of the website. This includes details such as the website from which you accessed our website, the duration of your visit and the pages you viewed. Such information, which will not include your name, helps us improve the performance and content of our websites. You can block or delete cookies from your computer - simply refer to the help function of your browser.
Any personal data which might be collected when visiting this website will be processed in accordance with applicable data protection law. DWS Australia is committed to maintaining the privacy of any personal data it holds about you and does so in accordance with the Australian Privacy Principles contained in the Privacy Act 1988. Please read our Privacy Policy to understand how your personal information will be treated when you use this website.
This website shall be governed by, and your browsing in and use of this website shall be deemed acceptance of, the laws of New South Wales, Australia. A condition of using this website is that in the event of any dispute or proceeding you irrevocably submit to the exclusive jurisdiction of the courts of New South Wales, Australia and waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum.
DWS Australia may revise the Website Terms at any time by publishing an updated version on the website. You are expected to check the Website Terms from time to time to take notice of any changes DWS Australia makes, as they are binding on you. If any provision of these Website Terms is deemed unlawful, void, or unenforceable, then that provision will be deemed severable from these Website Terms and will not affect the validity and enforceability of the remaining provisions.
Each time you use this website, you will be deemed to accept the then current Website Terms and agree to be bound by them.
CONFIRMATION
* I confirm I have read the Important Information set out above and accept its contents shall be governed by the laws of New South Wales, Australia.
* I confirm that I am a Wholesale Client that is resident in Australia and who is accessing this website from within Australia.
* I confirm that I am not a US Person, a resident of the US, currently located in the US or a person acting on account of a US Person.
* I accept and agree to be bound by the current Website Terms.
We use cookies and similar technologies that are essential to operate our websites. With your consent, we will use cookies for performance analysis of our websites. This enables us to detect and fix errors and usability issues as soon as possible and to constantly improve our website. Furthermore we use marketing cookies to measure the success of our marketing measures and personalize our contents to your needs as precisely as possible, potentially also outside of our websites. In the settings you can find detailed information on the different types of cookies and object to the use of cookies. As an asset manager, the security of your data is highest priority to us. You can find further information in our privacy notice.