Deutsche Bank completes Taiwan Asset Management Acquisition and announces CEO for the new Venture
Deutsche Bank today announced that its Asset Management division has completed the acquisition of a 60% interest in Taiwanese investment management firm, Far Eastern Alliance Asset Management Co., Ltd., which is now renamed Deutsche Far Eastern Asset Management Company Limited. It was also announced that Mr Rex Chou has been appointed as Chief Executive Officer of Deutsche Far Eastern Asset Management effective from 21 April 2008.
Deutsche Far Eastern Asset Management is jointly owned by Deutsche Bank AG and Far Eastern International Bank – part of Far Eastern Group, one of Taiwan’s largest business conglomerates. The business aims to leverage the global investment and business management expertise and innovation of Deutsche Bank’s Asset Management division; as well as building on the well-established local platform and professionals of Far Eastern Group.
Michele Bang, Chief Executive Officer of Deutsche Asset Management Asia (ex Japan) said, “This marks the commencement of Deutsche Bank’s asset management business in Taiwan, a market in which the bank has been present for 28 years and is one of the largest foreign investment banks in the market.. We are also pleased that Rex Chou will join us, bringing extensive domestic industry experience that will complement Deutsche Asset Management’s global expertise.”
Rex Chou said, “There is considerable potential working with our partners to offer further choice and new investment opportunities for Taiwanese investors. This will include supporting the introduction of further innovative global funds and alternative investments through Deutsche Bank’s market-leading asset management brands, DWS Investments and RREEF Alternative Investments.”
With 13 years’ financial services experience in Taiwan, Mr Chou was previously with Schroders Securities Investment Consulting Company Limited, where he was Senior Vice President for the Investment Consulting Department, responsible for retail sales, client services and business development projects. Prior to this he has held a variety of senior business development, channel management and customer service roles at HSBC Investment Managers, HSBC Asset Management, and Fidelity Investments in Taiwan.
For further information, please contact:
(886) 2 2722 5779 *626
(886) 2 2722 5779 *602
(886) 2 2722 5779 *610
About Deutsche Far Eastern Asset Management
Deutsche Far Eastern Asset Management Company Limited1 (Deutsche Far Eastern Asset Management) is an innovative Taiwanese investment management firm established to offer a diverse choice of domestic, global and alternative investments to its retail, institutional and insurance clients. Owned by joint venture partners Deutsche Bank AG and Far Eastern International Bank – part of Far Eastern Group, one of Taiwan’s largest business conglomerates. Deutsche Far Eastern Asset Management was launched in Taiwan in March 2008. The business aims to leverage the global investment and business management expertise and innovation of Deutsche Bank’s Asset Management division; as well as building on the well-established local platform and professionals of Far Eastern Group. This will include supporting the introduction of further innovative global funds and alternative investments through Deutsche Bank’s market-leading asset management brands, DWS Investments and RREEF Alternative Investments.
About Deutsche Bank
Deutsche Bank 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 78,291 employees in 76 countries and markets2, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people. Deutsche Bank has been operating in Taiwan for the last 28 years and today is one of the largest foreign investment banking franchises in the country.
About Far Eastern Group
Far Eastern Group is a conglomerate with its headquarters in Taipei, Taiwan, which is engaged in petrochemicals, telecommunications, cement production, manufacturing, retailing, transportation, financial services, investment and real estate, principally in Taiwan. Members of the Far Eastern Group also conduct manufacturing and sales operations in the PRC, Philippines, Singapore, Malaysia, Hong Kong, Thailand, Canada and export to more than 50 countries around the world. The Far Eastern Group is one of the largest and leading business groups in Taiwan, including eight stock exchange listed companies in Taiwan. The Group encompasses 193 companies, including 110 in Taiwan and 83 overseas. Group assets exceed NT$1.42 trillion (approx US$43.98 billion) as of 30 September 2007.
Certain Deutsche Asset Management products may not be available in every region or country for legal or other reasons, and information about these products is not directed to those investors residing or located in any such region or country.
1 Deutsche Far Eastern Asset Management Company Limited was formerly known as Far Eastern Alliance Asset Management Co., Ltd. which was established in March 2001.
2 Source: Deutsche Bank, as of 31 December 2007.