Deutsche Bank's DWS Investments has pulled the plug on the internal team running its International Value Fund had tapped Dreman Value Management as subadvisor instead. DWS will rebrand the mutual fund as the DWS Dreman International Value Fund as part of the move.

Ingo Gefeke, global head of distribution and product management at DWS Investments, stated that the switch is part of an effort by DWS to hire proven sub-advisors for its funds. However, the fund has turned in subpar performance under its current Deutsche Asset Management team.

The switch puts Dreman's Cliff Hoover in charge of the portfolio, stated Doug Beck, U.S. head of product management at DWS Investments. He replaces a team of Deutsche portfolio professionals that included: Klaus Kaldemorgen, Carmen Weber and Hansjoerg Pack.

Hoover has been PM for a international equity fund before. For about four years from 2003 to 2006 he was the lead for the Allianz NFJ International Value Fund. He has led Dreman's international value and all-cap teams since joining that firm. He is also the lead PM on Dreman Contrarian International Value (DRIVX)

The switch in subadvisors also means a switch in benchmarks for the fund. The new index will be the Russell Global ex-US Value Index rather than the MSCI EAFE. The change allows a larger allocation (up to 50 percent) to emerging markets from the 20 percent cap before. 

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