Regulators want Deutsche Bank data

German regulators are seeking more information about the role of Deutsche Bank President Karl von Rohr as part of a broader probe into the lender’s asset management business after claims of greenwashing, according to people familiar with the process.

Financial markets regulator

Bafin, has contacted the lender to learn about Von Rohr’s role as chairman of DWS Group’s supervisory board, the people said, asking not to be identified discussing private information. In that position, he received complaints from the firm’s now fired sustainability head, helped arrange an audit into her dismissal that found DWS did nothing wrong, and signed off on the annual report now being investigated for alleged inflated ESG claims.

Regulators are now looking at the very highest levels of Deutsche Bank. Bafin and U.S. authorities including the Securities and Exchange Commission started probing DWS after the former sustainability head, Desiree Fixler, accused it of exaggerating its commitment to environmental, social and governance investing. DWS says the claims are “unfounded.”

The DWS investigations have forced the asset management industry to sit up and take note as greenwashing — a term given to inflated or misleading ESG statements — draws an increasingly aggressive response from regulators. News of the DWS probe has led investment firms across Europe to review their portfolios to ensure they’re not vulnerable to similar probes, according to people familiar with the matter.