The Scudder mutual funds still exist, but the Scudder name does not. What happened to Scudder Funds is a chain of acquisitions that ran from 1997 through 2008: Zurich Financial Services bought the firm, Deutsche Bank bought it from Zurich, and the funds were gradually rebranded as DWS. Today they are managed by DWS Group, a publicly traded asset manager majority-owned by Deutsche Bank, and all shareholder services for legacy Scudder accounts run through DWS.
How Scudder Became DWS
Three corporate events moved the funds from Scudder, Stevens and Clark to their current home.
In late 1997, Zurich Financial Services acquired Scudder and merged it with the Kemper Funds, which Zurich had purchased the year before. The combined business operated as Zurich Scudder Investments.1U.S. Securities and Exchange Commission. Form N-14 Registration Statement for Scudder Money Funds
On April 5, 2002, Deutsche Bank acquired the asset management business from Zurich, and the legacy Scudder funds moved into Deutsche Bank’s global asset management division.1U.S. Securities and Exchange Commission. Form N-14 Registration Statement for Scudder Money Funds
The rebranding happened in two steps. On February 6, 2006, the Scudder fund names were officially changed to DWS funds, and the parent unit became DWS Scudder.2U.S. Securities and Exchange Commission. SAI Supplement – DWS Scudder Fund Renaming By 2008, the Scudder name was dropped entirely and the U.S. division became DWS Investments.3U.S. Securities and Exchange Commission. Form N-14 DWS International Fund Inc
What the Funds Look Like Now
Most legacy Scudder funds survived the transitions and still operate under DWS names with their original investment objectives intact. The Scudder Growth and Income Fund became the DWS Growth and Income Fund.2U.S. Securities and Exchange Commission. SAI Supplement – DWS Scudder Fund Renaming The Scudder S&P 500 Index Fund became the DWS Equity 500 Index Fund, still tracking the same benchmark. The Scudder Emerging Markets Fixed Income Fund continues under the DWS name with the same mandate. The current DWS U.S. lineup still covers international equity, global bond, high-income, tax-free municipal, and Latin America strategies.
Where funds were merged during the transition, the reorganizations were structured as tax-free, so shareholders received new shares carrying the same cost basis as the old ones.1U.S. Securities and Exchange Commission. Form N-14 Registration Statement for Scudder Money Funds
Managing a Legacy Scudder Account
Everything runs through DWS now. You can register for online access at the DWS website using your Social Security number, DWS account number, and a new password. Statements and tax forms live under the “Statements & History” section once you log in.4DWS. Frequently Asked Questions
DWS Shareholder Services answers at (800) 728-3337, Monday through Friday from 7:00 a.m. to 6:00 p.m. Central Time, with automated help available around the clock. International callers can use (816) 435-7177.5DWS. Contact Us You can buy, sell, or exchange shares through the website or by phone. Form 1099-DIV and Form 1099-B are issued by DWS each year and can be downloaded from the secure portal.6DWS. Tax Information
Cost Basis on Old Scudder Shares
Shares purchased before January 1, 2012 are treated by DWS as “noncovered.” DWS will calculate cost basis on those shares as a courtesy using the average cost method, but the figures are reported on your 1099-B as uncovered and are not sent to the IRS. You are responsible for verifying the numbers and reporting them on your return.4DWS. Frequently Asked Questions
If you never chose a cost basis method, DWS defaults to average cost across all your DWS shares. You can switch methods at the time of a redemption or for all future transactions by calling shareholder services. For shares that passed through a Scudder-to-DWS reorganization, the basis carried over dollar for dollar.1U.S. Securities and Exchange Commission. Form N-14 Registration Statement for Scudder Money Funds
If records from decades ago are missing, pull every statement available in the online portal first, then call shareholder services to fill the gaps. Sort this out before you sell. Reconstructing basis at tax time is much harder.
The $20 Account Maintenance Fee
DWS charges a $20 annual maintenance fee on fund accounts with a balance below $10,000. It is assessed each September, and it applies whether the balance dropped from market losses or from redemptions.7DWS. Reverse Your Account Maintenance Charge
Enrolling in electronic delivery of fund documents exempts you from the fee even if your balance is below the threshold.8DWS. DWS Money Market Fund Application You can switch to e-delivery through the online portal or by phone.
Finding a Lost Scudder Account
If you or a relative owned Scudder shares and lost track of them, the account may have been turned over to a state unclaimed property program through escheatment. Financial institutions must transfer dormant accounts to the state after a period of inactivity, commonly three to five years depending on the state.
Start at MissingMoney.com, the free search tool endorsed by the National Association of Unclaimed Property Administrators. It searches multiple states at once, and any match points you to the state that holds the property for a claim.9Investor.gov. Investor Bulletin: The Escheatment Process
One warning. When states return escheated investment assets, they generally pay only the cash value of the account on the date it was turned over. Dividends, interest, and market gains that would have accrued since then are not included. For an old Scudder account escheated years ago, that gap can be substantial.9Investor.gov. Investor Bulletin: The Escheatment Process
Inheriting a Scudder or DWS Account
The process depends on how the account was set up. Accounts with a Transfer on Death designation are the simplest. Each beneficiary files a DWS Transfer on Death Affidavit (Form 40A) along with a certified copy of the death certificate and a state tax waiver if the state where the deceased lived requires one.10DWS Service Company. Transfer on Death Affidavit Form 40A Any outstanding physical share certificates must be surrendered with the paperwork. A beneficiary who wants to keep the shares rather than redeem them submits a new account application with the affidavit.
Accounts without a TOD designation, and transfers involving trusts or estates, require a Medallion Signature Guarantee on the transfer forms. That is a specific stamp from a bank or financial institution verifying your identity, and a regular notary seal will not substitute. Most banks provide the guarantee free to their own customers; non-customers can be charged up to $100 or refused.11DWS. Instructions for Change of Account Ownership
When an executor or successor trustee signs on behalf of the deceased, the legal representative obtains the Medallion Signature Guarantee, and a separate death certificate is not required in that scenario. Per stirpes beneficiary arrangements need additional paperwork; call shareholder services at (800) 728-3337 for specific instructions before sending anything in.10DWS Service Company. Transfer on Death Affidavit Form 40A