2003 Media Releases

Mr Yong-Il Shin has commenced as CEO of Deutsche Investment Trust Management Company (ITMC) in Korea. His appointment follows an extensive search of local and international candidates to identify the best person to drive aggressive growth plans for the company’s Korean operations.

According to Mr Choy Peng Wah, CEO of Deutsche Asset Management (Asia), “We have been looking for a next-generation leader to drive the growing local team and to achieve our vision of becoming the leading foreign fund manager within three years.”

“Mr Shin will add tremendous value to our business through his outstanding business development and product marketing skills, as well as his industry experience and youthful energy. I am confident that Mr Shin will successfully leverage both our local investment strength and global platform to take our comparatively young Korean business to new levels of maturity,” he added.

Korean born and American-educated, Mr Shin worked for LG Group in various senior management and executive positions in London, and then Korea for 18 years before moving to Citibank, where most recently he headed up business development for the group’s Consumer Group. Mr Shin is considered a “pioneer” in his creation of new business opportunities and revenue streams for the company, several of which will be utilised in other Citibank regions.

Deutsche ITMC received its licence to operate in Korea last year. It has since become the fastest growing foreign fund management company in the country, with Euro 2 billion of assets under management and advice. A key part of the success has been the organisation’s focus on retail market growth, combined with innovative distribution strategies – including several significant distribution and fund management deals signed last year.

Mr Shin’s appointment follows the departure of Mr Won-Ik Lee at the end of last year. In the interim, Mr Chang-Geun Nam, Representative Director of Investment for Deutsche ITMC, has been leading the Korean team. Mr Nam remains the Representative Director responsible for investment, working in partnership with Mr Shin to realise the company’s growth plans.

Deutsche Asset Management has been expanding rapidly in Asia over the past three years, establishing offices in Korea and India in addition to existing offices in Singapore, Hong Kong and Taiwan. The company is one of the largest foreign fund managers in Asia.

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.