GERMANY - Axel Benkner, chief executive of Deutsche Asset Management in continental Europe, has taken over the additional responsibility as head of DeAM’s global investment fund business.

DeAM’s parent Deutsche Bank said that with immediate effect, Benkner was in charge of the asset manager’s entire investment fund business, including that from the retail arm DWS and that from Scudder, DeAM’s US arm.

Previously, the 52-year-old Benkner had shared this responsibility with William Schiebler. Schiebler will now become vice chairman of DeAM.

Deutsche also said it had appointed Axel Schwarzer as the new head of Scudder in the US, adding that he would report to Benkner.

Schwarzer, 45, is currently head of marketing and sales at DWS in Frankfurt. For his new position, he will transfer to New York and become a member of DeAM’s global operating committee which is headed by Kevin Parker.

“Under the leadership of Axel Benkner and Axel Schwarzer DWS has become Europe’s leading fund company,” Parker said. “Following the consolidation of our US, European and Asian-Pacific investment fund activities, we will better able to utilise our strengths worldwide.”

Benkner become CEO of DeAM and DWS in Germany in January 2003. Last December he took over as DeAM’s new European head (ex-UK), replacing Paul Manduca.

While Deutsche’s institutional business has lost ten of billions of euros – mostly in the UK – during 2004, DWS recorded net inflows of €932m for year and emerged as Germany’s largest retail fund provider.

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