Asoka Wöhrmann, the CEO of DWS, Deutsche Bank’s asset manager, has resigned. It was announced just hours after Police launched a raid at the company’s offices over allegations of “greenwashing.”

The public prosecutor’s office, the Federal Criminal Police office, and BaFin, the German regulator, fielded a team of about 50 officials to conduct the raid, searching the Frankfurt offices of DWS and Deutsche Bank for records related to DWS’s business.

Wöhrmann made the announcement at the group’s annual meeting, saying he would resign, leaving his position at the end of the week. He cited needing to deal with the burden of the investigation on himself and his family as the reason.

Stefan Hoops, the current head of the corporate bank at Deutsche Bank will replace him.

Wöhrmann said, ‘The allegations made against DWS and myself in past months have become a burden for the company, as well as for my family and me. In order to protect the institution and those closest to me, I would like to clear the way for a fresh start.”

The investigation began last August, when the group’s former sustainability officer, Desiree Fixler, publicly accused the group of exaggerating the extent to which its funds integrated sustainability.

This triggered an investigation in the US by the Securities and Exchange Commission, and triggered interest by the German authorities as well.

The investigation has been active since the beginning of the year according to a spokesperson for the prosecutor’s office in Frankfurt. The spokesperson went on to say that so far evidence they have gathered indicates that only a small portion of the firms investments were examined in light of their ESG attributes, which is not what the sales prospectuses of the DWS funds advertised.

DWS oversaw €115bn ($122.4bn) in ESG assets according to its 2021 annual report. A year earlier it had been advertising that it oversaw €459bn of “ESG integrated’ assets.”