July 12, 2006

Deutsche Asset Management appoints Klaus Kaldemorgen as Global Head of Equities and Heinz Fesser as Global Head of Fixed Income

Deutsche Asset Management (DeAM) has appointed Klaus Kaldemorgen as Global Head of Equities and Heinz Fesser as Global Head of Fixed Income, effective immediately. Kaldemorgen and Fesser are the heads of portfolio management at DWS Investments, DeAM's global retail asset management arm, and two of the most respected investors in Europe.

"Klaus and Heinz have been instrumental in helping to achieve consistent outperformance for retail and institutional customers for over a decade," said Kevin Parker, Global Head of DeAM. "In their new roles, we will be able to leverage this investment expertise across DeAM's retail and institutional businesses worldwide."

As Global Heads, Kaldemorgen and Fesser will be responsible for all equities and fixed income products (including cash products), investment processes, fund management and the investment platform.

DWS Investments is one of Europe's leading mutual fund providers. It has been recognized as the best-performing mutual fund company in Germany in the Standard & Poor's Fund Awards for 12 consecutive years and has won numerous awards for investment performance in other European jurisdictions. Kaldemorgen and Fesser have played key roles in that success story, helping to develop a best-in-class invest-ment process at DWS.

Parker said, "Appointing Klaus and Heinz to global roles is an important step in further integrating DeAM's investment platform. In all businesses, DeAM has approximately 700 investment professionals around the world, covering the broadest range of asset classes. By implementing first-class investment tools and processes at a global level, we will be able to use our local-market knowledge to deliver superior perform-ance for our retail and institutional clients."

Kaldemorgen began his career in 1983 in international equity fund management with DWS Investments.  He became head of this area in 1991, and since July 2002 has been responsible for all equity fund management. Fesser joined DWS Investments in 1987.  In 1991, he was promoted to head up international bond fund management. Since the start of 2003, Kaldemorgen and Fesser have both held board responsibility at DWS Investments for equity and bond fund management, respectively.

For further information please contact:

Thomas Richter
++49 69 71909 4547 (Frankfurt)

Baki Irmak
++49 69 71909 4547 (Frankfurt)

Kristin Silva
++61 2 92499568 (Sydney)

Yuko Akutagawa
++81 03 5156 5250 (Tokyo)

Joanne Chew
++60 64235676 (Singapore)

Mayura Hooper
++1 212 250 5536 (New York)