October 30, 2006

DWS to expand in Latin America

Pedro Danobeitia appointed Head of DWS Latin America

Deutsche Asset Management today announced it is expanding its DWS business in Latin America to give investors throughout the region the opportunity to invest in DWS funds.

DWS established a presence in Chile in July 2005, where it has since sold more than EUR 500 million in equity funds. In line with its continued global expansion, DWS will build on this success to enter other Latin American markets.

Pedro Danobeitia, 43, has been appointed Head of DWS Latin America and will lead the growth of the business. He takes on this role in addition to his current position as Head of DWS Spain and Portugal – countries with strong financial links to Latin America.

"Latin America has tremendous long-term potential for DWS,” said Danobeitia. “The investment culture in the region is still at an early stage, but we want to ensure that DWS is involved from the onset. The focus for growth will initially be on Peru and Colombia. It is expected that countries like Brazil, Argentina and Mexico will implement regulatory changes in due course to open their markets to international asset managers.”

Danobeitia is based in Madrid. In his function as Head of Spain and Portugal he will continue to report to Stephan Kunze, Head of DWS Europe. In his new role as Head of DWS Latin America he will report to Axel Schwarzer, Head of DWS Americas.

"Pedro is the ideal person to head our Latin America business,” said Schwarzer. “He has broad experience in the asset management industry, having successfully led our operations in Spain and Portugal for the past seven years. He also has excellent contacts in Latin America. DWS's growth in Chile has been achieved through the excellent performance of our products. Pedro will leverage this success to expand our business into new markets across the region.”

Danobeitia has been with Deutsche Bank since 1996, starting as investment director for fixed income and currencies. In 1999 he became Head of DWS Spain and Portugal. Earlier positions include institutional sales at Banesto, Director of Private Banking at B.E.F. and Chase Manhattan Bank in Monaco.

For further information, please call:

Anke Hallmann       +49(69)71909-4546
Media Relations

Mayura Hooper       +1-212-250-5536
Deutsche Bank
Media Relations

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, Deutsche Bank offers unparalleled financial services in 73 countries 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.


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 122.1 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.