LONDON (Reuters) – Asset manager DWS, the fund management arm of Deutsche Bank, said it has further sold down its position in embattled German technology company Wirecard and was considering legal action.
On Thursday Wirecard’s auditor refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down 60% and wiping 8 billion euros($8.97 billion)off its value.
DWS said at the close on Wednesday that it had already cut its actively managed position in the company by around 60% and by the close on Thursday “no longer holds any material position in actively managed funds”.
“Following today’s news we will continue to fulfill our fiduciary duty to investors: we are analyzing the situation and are considering legal action,” it said.
($1 = 0.8918 euros)
(Reporting by Simon Jessop; Editing by Rachel Armstrong)