Klaus Kaldemorgen, one of the most influential figures in Germany's asset management industry, is to step down from his multi-billion euro equity funds.
Investors in the funds told Citywire Global they believed Kaldemorgen would remain at DWS regardless of the changes in the fund management that will see Kaldemorgen end a nearly two decade period as the two funds' lead manager.
Confirming that Köttner will take over the two funds from Kaldemorgen, DWS CIO Asoka Wöhrmann said:
‘I’m very pleased that we could sign André Köttner. We looked intensively for the best fund manager to take over the two flagship funds. Andre Köttner was our first choice for this very demanding position.’Kaldemorgen is to become the firm's chief equity strategist and Köttner is to take over the funds from February 2013. However, Kaldemorgen will continue to run his absolute return fund the DWS Concept Kaldemorgen.
The DWS Akkumula fund lost 8% in the past three years to the end of November, just below its benchmark the MSCI World CR USD, which fell 7.8%.
The DWS Vermögensbildungsfonds lost nearly 12% in the same period while the MSCI World NR EUR benchmark rose 3%.