2003 Media Releases

Australia’s leading mortgage insurer, PMI Mortgage Insurance Ltd (PMI), today announced the appointment of Deutsche Asset Management as its new Australian fund manager. Deutsche Asset Management will manage PMI’s A$720 million of funds in Australian fixed income and Australian equities.

Agreements were executed on 31 July to appoint Deutsche Asset Management as PMI’s new fund manager.

PMI Managing Director, Ian Graham, says “this new arrangement with Deutsche will benefit PMI by providing us with an asset manager experienced in managing investments for insurance clients and one who has a solid appreciation of PMI’s business in Australia.”

“We are delighted to have PMI as a new client, “said Deutsche Asset Management’s Head of Institutional Distribution, Ken Licence. “This mandate allows us to leverage our existing skills in managing insurance assets both here and internationally, and it is a reflection of our strong team performance in both bonds and equities.”

About PMI Mortgage Insurance

PMI is one of the largest mortgage insurers in Australia and New Zealand, with over 30 years of experience in the Australian market and 10 years in the New Zealand market.

PMI provides a variety of risk management products to banks and other mortgage lending institutions, providing these lenders coverage against potential losses arising from defaults on residential mortgages held on their portfolios.

Typically, Lenders’ Mortgage Insurance is sought for loans where a borrower’s down payment is less than 20 percent (or over 80 percent loan-to-value).

PMI currently serves the majority of banks and non-bank lending institutions in Australia and New Zealand.

In addition, PMI provides important credit enhancement for residential mortgage-backed securitisation (RMBS) programs, which underpin much of the mortgage lending from the non-bank sector.

PMI is a subsidiary of The PMI Group, Inc., a global credit enhancement provider with operations in the United States, Australia, New Zealand, Hong Kong and Ireland.

Released for PMI by Kardan Consulting

For further information please contact:
Karen Bristow or Kathie Turton – Kardan Consulting
(02) 9967 3245 or 0425 266-818

or

Ken Licence
Head of Institutional Distribution
Deutsche Asset Management
(02) 9249 9021