October 10, 2006

Axel Benkner to retire as CEO of DWS Group

Deutsche Bank today announced that Axel Benkner has decided to step down as Global Head of Retail Asset Management and CEO of DWS Group, effective at the end of November, in order to devote more time to his personal interests. Benkner will remain a board member and senior advisor to DWS Group after November. He will continue to be on the board of the German Mutual Fund Association and will continue to represent DWS Group in other important trade organizations.

“My global role over the past year has left me with almost no time for family life and my many personal interests,” said Benkner. “I will continue to represent DWS and work with our clients and colleagues in the years ahead.”

Kevin Parker, Member of the Deutsche Bank Group Executive Committee and Global Head of Asset Management, said: "On behalf of Deutsche Bank and the Asset Management division, I would like to thank Axel for the dedicated service he has given during his long career.  DWS is the dominant mutual fund firm in Germany, with nearly 25% market share and an unparalleled record of investment performance. DWS is now embarked on a new phase of global development, bringing the investment excellence and first-rate client service that have characterized the business for over 50 years to clients around the world. These qualities, and the commitment shown by the whole team at DWS, are a testament to the skill and dedication with which Axel has led the business.”

An announcement will be forthcoming shortly regarding the new management structure that will come into effect following Benkner’s resignation.


For further information, please call:

Deutsche Bank

Thomas Richter    
DWS     
Phone: +49 69 71909-4195   

Dr. Patrik Fischer
Deutsche Bank
Phone: +49 69 910-47048

Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,058 billion in assets and 65,435 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

www.db.com


Deutsche Asset Management

Deutsche Asset Management is the global investment management business of Deutsche Bank AG, with AUM of EUR 518 billion. It is one of the world's leading investment management organizations 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

DWS Investments is the mutual fund arm of Deutsche Asset Management, being with EUR 119.4 bn. AuM the largest mutual fund company in its home country, Germany, with EUR 151 bn. AuM one of the leading retail mutual fund companies across Europe and with EUR 233 bn. within the top 10 globally. Its unique business model combines global investment knowledge with local presence and responsibility, one single brand and a country specific sales and service strategy. Founded in Germany in 1956, DWS is today a local player in Europe's most important markets. In the United States, DWS operates under the DWS Scudder brand. In 2006, DWS started with Singapore and India its expansion into the Asia Pacific marketplace. Leading positions in rankings of independent fund rating agencies and consistently awarded prizes confirm the sustainable success and the outstanding performance of DWS.