In the headlines last week was the allegation that German asset manager DWS had misled investors over some of its funds’ ESG credentials.

The reports led to a double-digit share price slide for Deutsche Bank, the owner of DWS.

This is especially bad news for the German lender as its asset management business is somewhat insulated from the ultra-low interest rate environment, which in turn negatively impacts banks’ net interest margin.

In 2016, Deutsche...