October 24, 2006

Stephan Kunze appointed Head of DWS Europe

Deutsche Asset Management today announced the appointment of Stephan Kunze as Head of DWS Europe, effective December 1. Kunze was previously Head of Distribution for DWS Europe.

The DWS retail business will be managed on a global basis by a newly created management committee, reporting to Kevin Parker, consisting of the three DWS regional heads – Stephan Kunze, Axel Schwarzer, Head of DWS Americas, and Ed Peter, Head of DWS Asia Pacific/Middle East – together with Ingo Gefeke, Global Chief Operating Officer for DWS, Klaus Kaldemorgen, Global Head of Equities, and Heinz Fesser, Global Head of Fixed Income. Together, this team will be responsible for setting global strategy, determining investment and growth priorities, and ensuring that the DWS product and brand are delivered with consistent high quality around the world.

Kevin Parker, Global Head of Asset Management and a member of Deutsche Bank's Group Executive Committee, said: "Over the past two years, DWS has become a global retail business centered in Frankfurt. DWS is now one of the top ten mutual fund companies in the world, and the DWS brand has been rolled out in markets where it never existed before. The best practices developed over 50 years in Germany have been exported throughout the global organization.”

For further information, please call:

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 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.