Deutsche Bank increases stake in China's Harvest Fund Management

By Our Banking Bureau | 31 Jan 2008

1

Deutsche Bank's asset management division has increased its stake in leading China funds management company, Harvest Fund Management Co. Ltd, to 30 per cent, for an undisclosed price. The stake increase has received formal approval from the China Securities Regulatory Commission (CSRC).

The bank's asset management division had created the largest foreign joint venture fund management company in China when it acquired its initial 19.5 per cent shareholding in Harvest Fund Management Co. Ltd in March 2005.

Colin Grassie, CEO, Deutsche Bank, Asia Pacific said, "This further investment is testament to the success of our partnership with Harvest, and also Deutsche Bank's commitment to growing its business in one of the world's most dynamic markets."

"Ours is more than a financial partnership with Harvest - it's a true strategic relationship with both organisations successfully leveraging the strengths of each respective firm" said Ed Peter, head of Deutsche Asset Management, Asia Pacific and MENA.

 "For example, we have established a global talent exchange programme between our organisations. We have also worked closely together on investment management co-operation, including the first stock-oriented QDII fund issued by a joint venture fund firm which utilises the global investment experience of its foreign investor."

With over RMB 252 billion (€23.5 billion) of assets under management as of 31 December 2007, Harvest Fund Management was ranked third by total market share in the Chinese asset management industry and the No1 Sino-foreign fund manager. The product range includes a comprehensive lineup of mutual funds and asset management businesses. This includes 2 close-ended funds, 13 open-ended funds, several social security funds and corporate pension fund accounts. Harvest employs 309 staff, including experienced investment, research and market service teams. 

Deutsche Bank commenced business in China in 1872 and became locally incorporated in China in January 2008. The bank participates strongly in the country in cross border investment banking, sales and trading activity, transaction banking and trade services, private wealth management, and private and business banking through retail branches in Shanghai and Beijing. Deutsche Bank also has a 9.9 per cent shareholding in Hua Xia Bank.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more