Deutsche Bank fund subsidiary DWS has made less profit because of investor concerns about a recession.
Net profit shrank by around 5 percent to 147 million euros in the third quarter, as the asset manager announced on Wednesday in Frankfurt.
Revenue increased 3 percent to 689 million euros.
Assets under management remained stable at EUR 833 billion.
The fund company stuck to its outlook for the current year.
DWS is "excellently equipped" to adapt to the new market environment, explained the new DWS boss Stefan Hoops with a view to the recession looming in Europe.
The fund company, which was last in the headlines because of greenwashing allegations, had a change of management in June.
DWS has always denied the allegations.
Hoops, the former head of Deutsche Bank's corporate bank, has taken it upon himself to restore trust in DWS.
At the end of May, the public prosecutor's office searched the headquarters of DWS and Deutsche Bank on suspicion of fraudulent labeling in the marketing of sustainable investment products.