2003 Media Releases

Deutsche Asset Management today announced the appointment of Sharon Cheng to the newly created role of Head of Retail Sales for its Asian businesses (excluding Japan). The appointment is a key plank in the organisation’s retail growth strategy, as it seeks to aggressively expand its retail business in Asia.

Mrs Cheng, who will be based in Hong Kong, has more than 10 years of sales experience in investments and financial services. She has worked for a number of prestigious financial services organisations in Hong Kong and Canada - most recently Citigroup Asset Management in Hong Kong. At Citigroup she worked as Director of Sales and Distribution for the past two and a half years. Prior to this, Mrs Cheng worked for Standard Chartered Bank for five years, playing a key role in developing its Investment Services department.

Choy Peng Wah, CEO of Deutsche Asset Management Asia said, “We want to be a major player in the retail markets across Asia, working as partners with the top distributors in each market. We are delighted that Sharon has joined us. She has a superb knowledge of the retail market in Hong Kong, a genuine understanding of client needs, and commitment to world class customer service.”

Mr Choy explained that he sees a window of opportunity for Deutsche Asset Management to expand its retail footprint in Asia via its unique product offering.

“Now is the right time for us to enter the retail market in Asia, as clients are saturated with ‘metoo’ fund offerings. Deutsche has a uniquely broad range of global and domestic, traditional and alternative products to bring to the markets. Sharon's first job will be to hire a team of sales people in preparation for the launch of a new range of innovative products,” he said.

Deutsche Asset Management

Deutsche Asset Management has been expanding rapidly in Asia over the past three years, establishing office in Taiwan, Korea and India in addition to existing offices in Singapore and Hong Kong. The company is one of the largest foreign fund managers in Asia, employing more than 100 staff in five cities and managing over EUR 7 billion of institutional and retail client funds – with much of this invested in global products1.

For further information please contact:

Prakash Krishnan
Corporate Communications (Press)
Deutsche Bank AG, Asia Pacific Head Office
Tel: (65)-6423-8217
Mobile: (65)-9685-0425

About Deutsche Asset Management

Deutsche Asset Management is a key business unit of Deutsche Bank AG, one of the world’s strongest financial institutions. Deutsche Asset Management is one of the world’s largest asset managers, responsible for managing more than EUR 725.5 billion (as of 31 December 2002) on behalf of institutional and retail clients, as well as private investors in more than 60 countries.

Deutsche Asset Management (Asia) Limited was incorporated in 1987 and is headquartered in Singapore. It markets and sources new assets in the region for investments into Asia as well as a global range of equity, fixed income and alternative investment products. Deutsche Asset Management is committed to expanding its business in Asia, with India and Korea considered two key growth opportunities. Since 1998, Deutsche Asset Management has doubled its staff in Asia and currently manages over EUR7 billion of client funds.