October 17, 2006

Kaldemorgen named as speaker of DWS Group

Deutsche Bank today announced that Klaus Kaldemorgen will assume Axel Benkner’s position as Speaker of the Board of DWS Investments GmbH, effective 1 December, serving as leader of the Frankfurt staff. Kaldemorgen will continue in his other important role as Global Head of Equities for the Asset Management division and will continue to manage his funds DWS Vermögensbildungsfonds I and DWS Akkumula.

“The role of Speaker has been an important part of DWS tradition for 50 years,” said Parker. “Klaus has played an instrumental role at DWS since 1982 and is one of the most respected investors in the world. There is no better person to serve as the leader of DWS Group in Germany going forward. I am confident Klaus will ensure that the traditions of investment excellence, client service and teamwork that have made DWS a global success will continue far into the future.”

Kaldemorgen began his career at DWS in 1982. He became head of international equity fund management in 1991, and since July 2002 has been responsible for all equity fund management. Since the start of 2003, Kaldemorgen has held board responsibility at DWS Investments for equity fund management. He was appointed Global Head of Equities of Deutsche Asset Management in July of this year.

For further information, please call:

Deutsche Bank

Thomas Richter    
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.


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.