Deutsche Bank Publishes Seventh Annual Alternative Investment Survey

Approximately 1000 respondents, representing nearly $1.1 trillion in global
hedge fund assets, participated in the industry`s largest comprehensive hedge
fund investor survey
NEW YORK--(Business Wire)--
Deutsche Bank today announced the results of the seventh annual Alternative
Investment Survey, which was conducted during February 2009 by the Bank`s Hedge
Fund Capital Group. Approximately 1000 investors responded to this year`s
survey, including funds of hedge funds, family offices, banks, wealth management
companies, consultants, pensions, insurance companies, foundations, and
corporations.

"Despite the unprecedented challenges faced in 2008, the survey indicates
resiliency in the hedge fund industry", said Barry Bausano, Co-Head of Global
Prime Finance at Deutsche Bank.

"Transparency, risk management, and liquidity are now top priorities for
investors as they select their hedge fund managers", said Jonathan Hitchon,
Co-Head of Global Prime Finance. "As a result, we have seen managers of various
strategies adjust their structures accordingly."

"Hedge funds remain attractive to investors due to their outperformance of major
equity indices in 2008, and their ability to serve as a diversifier to other
asset classes," said Scott Carter, Head of the Hedge Fund Capital Group in North
America. "Additionally, the survey indicates that a majority of investors expect
their own hedge fund portfolios to generate returns of 5-10% this year."

Highlights of Deutsche Bank`s Seventh Annual Alternative Investment Survey

* The US is predicted to be best performing region this year. Eastern and
Central Europe and Russia are predicted to perform the worst.
* Transparency and Risk Management are now among the top 5 manager selection
criteria. Historically, investors indicated the "3Ps": Performance, Philosophy
and Pedigree to be the most important characteristics when selecting a manager.
* 72% of hedge fund investors have reduced their exposure to leverage and 63%
are not interested in applying leverage to their own portfolios this year.
* 43% of investors said they would be more likely to make a proportion of their
investments through managed accounts in the future, citing liquidity,
transparency and risk management benefits.
* Hedge fund investors are sitting on $294bn of cash and collectively expect to
reduce this over the next 6 months to $212bn, if the markets remain stable.
* The larger funds continue to grow and a premier league of hedge funds is
emerging: 50% of respondents said they plan to invest in hedge funds with an
average AUM of $800mn - $4bn this year.
* Macro, CTA (Commodity Trading Advisor), and Equity Long/Short are predicted to
be the best performing strategies. Merger arbitrage, event driven and
asset-backed securities are predicted to be the worst performing strategies with
investors going into 2009.

About Deutsche Bank

Deutsche Bank (NYSE: DB) is a leading global investment bank with a strong and
profitable private clients franchise. A leader in Germany and Europe, the bank
is continuously growing in North America, Asia and key emerging markets. With
80,456 employees in 72 countries, Deutsche Bank competes to be the leading
global provider of financial solutions for demanding clients creating
exceptional value for its shareholders and people.

www.db.com

Deutsche Bank
Media Relations
Renee Calabro,+1-212-250-5525

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