Deutsche Asset Management announced its Scudder Investments unit found "an arrangement with an outside investment advisory firm that traded frequently in a small number" of Scudder mutual funds, according to a statement from Deutsche Asset. The arrangement was discovered during a review of the Scudder Investments unit, which Deutsche Asset acquired in April 2002. The arrangement began before Deutsche Asset had named a new Scudder management team, according to the statement; "in early 2003, management initiated steps that led to the subsequent termination of this arrangement."
Missy DeAngelis, Deutsche Asset spokeswoman, said the review is continuing and no further information was available.
