2003 Media Releases

DB Absolute Return Strategies, the global hedge fund business of Deutsche Bank, will centralise portfolio management of all its fund of funds products at its head office in New York in order to best position the business for further growth.

While most of the group’s multi-manager hedge funds are already managed out of New York, a small number are currently managed from other locations around the world - including flagship Australian product, the Deutsche Strategic Value Fund. As a result of centralising portfolio management activities, David Zobel, Asia Pacific Head of DB Absolute Return Strategies, will commence a secondment with the group’s New York office in May.

Mr Zobel commented, “Importantly, there is no change to the personnel managing clients’ investments in the Deutsche Strategic Value Fund or Deutsche Global Equity Opportunities Fund – the two public funds offered in Australia. I will continue to be the senior portfolio manager, with Glenn Poswell heading up distribution, manager due diligence, and structuring new product for the Asia Pacific region, ex-Japan.”

Mr Zobel will play a key role in growing the global business, assuming responsibility as a senior manager of the global fund-of-funds business and heading up the fixed income strategy team. The move follows Mr Zobel's recent promotion to a Managing Director of Deutsche Bank, resulting from his success in establishing Deutsche Bank’s hedge fund business in the Asia Pacific region. Under his leadership, funds under management in Australia alone doubled last year.

“We are very excited about David’s move to New York, and believe he can make a significant contribution to the growth of our global business,” said Josh Weinreich, Global Head of DB Absolute Return Strategies.

Glenn Poswell, who has worked closely with Mr Zobel for the past 5 years to establish and grow Deutsche’s local hedge fund business, intends to build on the success to date by focusing on new distribution opportunities in Australia and Asia and rolling out innovative products.

“These changes will increase connectivity between the head office and the Asia Pacific region, better facilitate the introduction of new product to the region, and further strengthen the group’s portfolio and risk management capabilities. We’ll be looking at how to best structure new product for our markets, as well as how to most efficiently distribute them,” said Glenn Poswell.

Mr Zobel will continue to be involved in the regional business, travelling regularly to the Asia Pacific region during his secondment to talk to clients about performance, provide global market updates and launch new products.

Both David and Glenn will continue as members of the group’s global investment committee.

About DB Absolute Return Strategies

DB Absolute Return Strategies is the global hedge fund management business of Deutsche Bank. The global group manages more than Euro 7.7 billion (A$14.1 billion in assets), including Euro 1.3 billion (A$2.4 billion) from the Asia Pacific region. DB Absolute Return Strategies distributes its platform of single and multi-manager products globally to institutional and retail clients. With offices in New York, London, Frankfurt, Sydney and Tokyo, DB Absolute Return Strategies employs more than 100 professionals.

For further information contact:

David Zobel/Glenn Poswell
DB Absolute Return Strategies
Tel: (02) 9249 9316 / (02) 9249 9317

Kristin Silva/Ainsley Gee
Corporate Communications
Tel: (02) 9249 9568 / (02) 9249 9904