Deutsche outsourcing US desk to Scudder

Deutsche Asset Management is to close its London-based US desk and move the responsibility of its North American portfolios to a recent acquisition, US-based Scudder Investments. Investment Week understands senior members of the North America desk based in London, including star fund manager Charles Martyn-Hemphill, have been given the chance to move to the US. It is not yet clear who will take up this offer. Martyn-Hemphill has spent a number of weeks in America helping prepare for the switch. Stephanie Fawcett, head of marketing at Deutsche, refused to comment on the future of the US desk.