The Central Europe, Russia and Turkey Fund, Inc. Announces New Portfolio Manager
December 22 2014 - 5:00PM
Business Wire
The Central Europe, Russia and Turkey Fund, Inc. (NYSE:
CEE) (the “Fund”) announced that Sylwia Szczepek has become the
Fund’s new Portfolio Manager. Sebastian Kahlfeld continues to serve
as the Fund’s Deputy Portfolio Manager, and both Mrs. Szczepek and
Mr. Kahlfeld report to Petra Pflaum, EMEA Head of Equities for
Deutsche Asset & Wealth Management GmbH, the Fund’s investment
adviser.
Mrs. Szczepek is a Senior Portfolio Manager Equities, Vice
President, Deutsche Bank AG in Frankfurt. She joined Deutsche Asset
& Wealth Management in 2014 after having previously worked for
Deutsche Bank AG / DWS Investment GmbH from 2001 to 2007, where she
was responsible for managing Eastern European equities funds. In
early 2008 she joined the Investment Banking Division of Credit
Suisse as a proprietary trader for Eastern European Equities, where
she worked until 2010. She started her professional career in
Deutsche Bank AG’s Private Banking and Corporate Development
department in 1998. Mrs. Szczepek earned a Masters Degree in
Finance and Banking (“Diplom-Kauffrau”) from the University of
Münster / Germany and a Masters Degree in Business Economics
(“Magister”) from the Warsaw School of Economics.
For more information on the Fund, visit www.deutschefunds.com or call (800) 349-4281
or 00-800-2287-2750 from outside the U.S.
Important Information
The Central Europe, Russia and Turkey Fund, Inc. is a
non-diversified, closed-end investment company seeking long term
capital appreciation through investment primarily in equity or
equity-linked securities of issuers domiciled in Central Europe,
Russia and Turkey. Because the Fund is non-diversified, it can take
larger positions in fewer issues, increasing its potential risk.
Investing in foreign securities, particularly those of emerging
markets, presents certain risks, such as currency fluctuations,
political and economic changes, and market risks. Any fund that
concentrates in a particular segment of the market will generally
be more volatile than a fund that invests more broadly.
The shares of most closed-end funds, including the Fund, are
not continuously offered. Once issued, shares of closed-end funds
are bought and sold in the open market through a stock exchange.
Shares of closed-end funds frequently trade at a discount to net
asset value. The price of a fund’s shares is determined by a number
of factors, several of which are beyond the control of the fund.
Therefore, a fund cannot predict whether its shares will trade at,
below, or above net asset value. There can be no assurance that the
Fund’s discount management program will be effective in reducing
the Fund’s market discount.
Investments in funds involve risk. Additional risks of the
Fund are associated with international investing, such as currency
fluctuations, political and economic changes, market risks,
government regulations and differences in liquidity, which may
increase the volatility of your investment. Foreign security
markets generally exhibit greater price volatility and are less
liquid than the U.S. market. Additionally, the Fund focuses its
investments in certain geographical regions, thereby increasing its
vulnerability to developments in those regions and potentially
subjecting the Fund’s shares to greater price volatility. Some
funds have more risk than others. These include funds, such as the
Fund, that allow exposure to or otherwise concentrate investments
in certain sectors, geographic regions, security types, market
capitalization, or foreign securities (e.g., political or economic
instability, which can be accentuated in emerging market
countries).
The European Union, the United States and other countries
have imposed sanctions on Russia as a result of the ongoing Russian
military intervention in the Ukraine. These sanctions have
adversely affected Russian individuals, issuers and the Russian
economy, and Russia, in turn, has imposed sanctions targeting
Western individuals, businesses and products including food
products. The various sanctions have adversely affected, and
may continue to adversely affect, not only the Russian economy but
also the economies of many countries in Europe, including Central
Europe. Potential developments in the Ukraine, and the
continuation of current sanctions or the imposition of additional
sanctions, may materially adversely affect the value or liquidity
of the Fund’s portfolio.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
Certain statements contained in this release may be
forward-looking in nature. These include all statements relating to
plans, expectations, and other statements that are not historical
facts and typically use words like “expect,” “anticipate,”
“believe,” “intend,” and similar expressions. Such statements
represent management’s current beliefs, based upon information
available at the time the statements are made, with regard to the
matters addressed. All forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements.
Management does not undertake any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
NOT FDIC/NCUA INSURED • MAY LOSE VALUE
• NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY
FEDERAL GOVERNMENT AGENCY
Deutsche Asset & Wealth Management represents the asset
management and wealth management activities conducted by Deutsche
Bank AG or any of its subsidiaries. Clients will be provided
Deutsche Asset & Wealth Management products or services by one
or more legal entities that will be identified to clients pursuant
to the contracts, agreements, offering materials or other
documentation relevant to such products or services.
(R-36968-1) (12/14)
Deutsche Bank Press Office (212) 250-5536Shareholder
Account Information (800) 294-4366Deutsche Closed-End Funds
(800) 349-4281or 00-800-2287-2750 from outside the
U.S.
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