Deutsche Bank announced Thursday it has appointed Axel Benkner Global Head of Retail for Deutsche Asset Management (DeAM) and Axel Schwarzer head of Scudder Investments.

Benkner, 52, is currently the head of DWS Investments - DeAM's leading mutual fund business in Europe. He will continue to be the head of DeAM Europe (ex-UK). In his new role, Benkner will oversee DeAM's retail businesses, including DWS and Scudder Investments, with assets of over EUR 200 billion under management. Before this appointment, Benkner was the global co-head of the DeAM retail group, along with William N. Shiebler. Shiebler will become vice chairman of DeAM.

Schwarzer, 45, is currently a managing director at DWS Investments, responsible for products, marketing and distribution. He will join DeAM's global operating committee and move to New York from Frankfurt to take up his new position, for which he will report to Benkner.

"Axel Benkner and Axel Schwarzer have been instrumental in the DWS success story," said Kevin Parker, global head of Deutsche Asset Management and a member of Deutsche Bank's group executive committee. "Under their leadership, DWS has become the No. 1 mutual fund company in Europe. Combining DeAM's U.S., European and Asia-Pacific Retail operations into one group, leverages our worldwide strengths."

Benkner joined DWS in 1980, and became head of the international bond department in 1984. From 1990 to 2002 he was a managing director at DWS Investment GmbH, where he managed the fixed income business and the portfolio analysis group. In 2000, he was appointed global head of fixed income for DeAM. In January 2003, he became the spokesman of the board of managing directors at DWS Investment GmbH and CEO of the firm's asset management business in Germany. In December 2004, he became global co-head of retail, responsible for DWS in Europe and Asia-Pacific.

Schwarzer joined Deutsche Bank in 1989, and was entrusted the task of building the mutual fund business of Deutsche Bank's private banking division. At the same time, he also oversaw asset management with corporate clients. He then headed securities product management for Deutsche Bank's retail and private banking units before moving to DWS as managing director responsible for products, marketing and distribution. In this position he expanded DWS' business in Europe.

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