New leader selected at Scudder Investments

Axel Schwarzer was named head of Scudder Investments, said Thomas Richter, a spokesman for Scudder parent Deutsche Bank. Mr. Schwarzer replaces William N. Shiebler, who was named vice chairman of Deutsche Asset Management, a new position. Mr. Schwarzer will move to New York from Frankfurt. He will report to Axel Benkner, who was global co-head of the DeAM retail group with Mr. Shiebler. Mr. Benkner will become the sole global head of retail, retaining his positions as head of DWS Investment and head of DeAM Europe, ex-U.K. Mr. Schwarzer is currently managing director at DWS Investments, where he is responsible for products, marketing and distribution; the position will be filled, said Mr. Richter. Thomas F. Eggers remains managing director and CEO of Scudder, a DeAM spokeswoman said.