Press Release Frankfurt, 29 December 2010


DWS: Klaus Kaldemorgen to take on new investment management responsibilities; Wolfgang Matis to become new Speaker and CEO; Asoka Wöhrmann appointed Chief Investment Officer for Fixed Income and Equities.

Klaus Kaldemorgen is refocusing his role to concentrate exclusively on fund management going forward. In addition to his responsibility for his existing equity funds, DWS Vermögensbildungsfonds I and DWS Akkumula, he will be managing new absolute return funds which exploit the flexibility allowed by UCITS to generate positive performance in all market phases. Kevin Parker, Global Head of Deutsche Asset Management, explained: “Klaus Kaldemorgen asked me to release him from his company management responsibilities so that he can fully devote himself to his real passion - managing money. Without the distraction of administrative and global management duties he will be free to bring his full talent to bear on the development of Absolute Return funds as an important area of business growth for DWS. With his strong performance track record and reputation as one of Europe’s leading investment managers, Klaus is ideally suited to this task.”

Wolfgang Matis will be appointed as the new Speaker of the management board of DWS Investment GmbH and Global CEO of DWS. Kevin Parker said: “Most recently Wolfgang Matis headed up Deutsche Bank’s Global Markets Germany with great success. Few people in the Bank know DWS and its clients as well as Wolfgang Matis. Moreover, I have known and worked with him for many years and have great respect for his experience and knowledge of both capital markets and the requirements of clients. As DWS continues to globalize its business model it requires a governance structure that reflects the company’s growing importance and global scale, and that calls for an experienced and skilled manager at its helm as CEO. Wolfgang Matis was seeking a new challenge in his career and DWS was fortunate to be able to convince him to take on this one.” Wolfgang Matis will report to Kevin Parker in his new role.

Asoka Wöhrmann is to become CIO, taking on the overall leadership of Fixed Income, Equities and Multi-Asset investment management for DWS. Kevin Parker said: “Asoka Wöhrmann has successfully restructured the investment platform for the Fixed Income business. I am confident that under his leadership, DWS will continue to enhance its reputation for outstanding investment performance.”

Ingo Gefeke has decided to take on a new role in Deutsche Asset Management in New York enabling him to be closer to his family. He will step down from the DWS board of management. Axel Schwarzer will be leaving DWS to pursue opportunities outside the company.