Deutsche Bank appoints Axel Benkner as Global Head of Retail for Deutsche Asset Management; Axel Schwarzer appointed Head of Scudder Investments

Business Wire, March 10, 2005

FRANKFURT AM MAIN -- Deutsche Bank today announced the appointment of Axel Benkner as Global Head of Retail for Deutsche Asset Management (DeAM).

Benkner, 52, is currently the Head of DWS Investments - DeAM's leading mutual fund business in Europe - and will continue to be the Head of DeAM Europe (ex-UK). In his new role, Benkner will assume responsibility for all of DeAM's retail businesses, including DWS and Scudder Investments, with assets of over EUR 200 billion under management. Prior to this appointment, Benkner served as the Global Co-Head of the DeAM Retail group, together with William N. Shiebler. Shiebler will become Vice Chairman of DeAM.

Deutsche Bank also announced that Axel Schwarzer has been appointed Head of Scudder Investments, reporting to Benkner. Schwarzer, 45, is currently a Managing Director at DWS Investments, responsible for Products, Marketing and Distribution. Schwarzer will join DeAM's Global Operating Committee and move to New York from Frankfurt to take up his new position.

"Axel Benkner and Axel Schwarzer have been instrumental in the DWS success story," said Kevin Parker, Global Head of Deutsche Asset Management and Member of Deutsche Bank's Group Executive Committee. "Under their leadership, DWS has become the #1 mutual fund company in Europe.(1) Combining DeAM's US, European and Asia-Pacific Retail operations into one group leverages our worldwide strengths."

Benkner joined DWS in 1980, becoming the Head of the International Bond Department in 1984. From 1990 to 2002 he was a Managing Director at DWS Investment GmbH, responsible for the Fixed Income Business and the Portfolio Analysis Group. In 2000 he was appointed Global Head of Fixed Income for DeAM. In January 2003 he became the Spokesman of the Board of Managing Directors at DWS Investment GmbH and CEO of Asset Management Germany. In December 2004 he became Global Co-Head of Retail, responsible for DWS in Europe and Asia-Pacific.

Schwarzer joined Deutsche Bank in 1989, tasked with building the mutual fund business of Deutsche Bank's Private Banking division. In addition, he became responsible for asset management with corporate clients. He then headed Securities Product Management for Deutsche Bank's Retail and Private Banking units before moving to DWS as Managing Director responsible for Products, Marketing and Distribution. In this position he expanded DWS' business in Europe.

Shiebler joined DeAM in 2002 as the Head of Scudder Investments. Previously, he was Senior Managing Director of Putnam Investments and the President and CEO of Putnam Mutual Funds. Before that, he spent 12 years at Dean Witter Reynolds, becoming President and COO for the firm's Mutual Fund Management Division, Intercapital.

Deutsche Asset Management (DeAM) is the global asset management business of Deutsche Bank AG, with AUM of EUR 536 billion. DeAM is one of the world's leading investment management organisations in terms of the quality and breadth of investment products, asset management expertise and client service. DeAM provides asset management capabilities to a variety of clients worldwide including foundations, non-profit organizations, public and private pension funds, high-net-worth individuals and retail investors.

DWS Investments is the European mutual fund business of Deutsche Asset Management and the largest investment management firm in Europe, with EUR 146 bn in assets under management. Its unique business model combines global investment knowledge with local presence and responsibility, one single brand and a multi-channel sales and service strategy throughout Europe. Founded in Germany in 1956, DWS is a local player in 11 European countries, providing tailored products that draw upon the combined expertise of DeAM's global network.

Scudder Investments manages $107 billion in its mutual funds, offering a wide range of mutual funds, retirement plans and variable annuities. Its clients include Fortune 500 companies, institutions, financial advisors, governments, foundations and individual investors. Scudder Investments' broad product range covers traditional and alternative asset classes, ranging from equity, fixed-income and asset-allocation products to real estate and commodity funds.

(1) Source: Feri Fund Market Information