AM provides investment services across a broad range of asset classes to clients from over 42 countries. Our diverse client base includes individual investors, pension funds, insurance companies, corporations, local government authorities and charities. We employ more than 5,000 people in the world's financial centers, allowing us to achieve global coverage of markets and sectors.

Asset Management has four main business areas, which are supported by an integrated, global investment and research platform:

• Retail Asset Management: AM's global retail asset management business is DWS. Its product range covers all regions and sectors as well as many forms and styles of investment. DWS Investments is one of Europe's leading retail asset managers. It is the largest retail mutual fund management group in Germany, with a market share of 21.4% (as at end of March 2007). In the US, the business operates as DWS Scudder. DWS also operates in key markets in Asia Pacific. Among many accolades, DWS has won the S&P Fund Award in the "Larger Groups" category in Germany for 13 consecutive years.

• Institutional Asset Management: Operating as Deutsche Asset Management (DeAM), the Institutional business provides innovative investment solutions to clients including pension funds, corporations, and non-profit organizations. With its global perspective and on-the-ground knowledge of local markets around the world, DeAM's investment platform brings together a wide variety of experience and investment insight, across industries, regions, asset classes and investing styles. This includes expertise in equities, fixed income, and quantitative strategies.

• The Global Insurance Asset Management platform provides clients with customized investment programs designed to address an insurer's specific needs. It offers investment solutions across multiple disciplines, including traditional fixed income, equities, asset allocation services, and alternative asset classes such as hedge funds and real estate.

• Alternative Investments: The Alternative Investments businesses include real estate, infrastructure, hedge funds, hedge funds of funds, and private equity funds of funds. RREEF is one of the world's leading real estate and infrastructure investment management organizations. It offers a wide range of products and investment strategies that span the spectrum of risk and reward, including separate accounts, core and value-added private investment vehicles, investments in publicly-traded real estate securities and infrastructure investing.