Friday, August 10, 2007

Deutsche Bank Fund Drops By a Third

From Bloomberg:

The assets of Deutsche Bank AG's DWS ABS Fund fell by a third to 2.1 billion euros ($2.9 billion) from 3 billion euros at the end of July, as the fund's investments lost value and clients withdrew money.

The fund doesn't have any investments in U.S. subprime related debt, spokeswoman Anke Hallmann said today. DWS, based in Frankfurt, currently has no plans to limit redemptions from the fund, though that may change if markets were to ``fall drastically,'' Hallmann said.

WOW -- they had no subprime exposure. None. Zip. Nada. And they still lost 30% in a month as a result of redemptions and the decline in value of assets.