Deutsche Bank increases stake in China´s Harvest Fund Management
Deutsche Bank (XETRA:DBKGn.DE / NYSE:DB) today announced that its Asset Management division has increased its stake in leading China funds management company, Harvest Fund Management Co. Ltd, to 30% ownership, for an undisclosed price. The stake increase has received formal approval from the China Securities Regulatory Commission (CSRC).
Deutsche Bank’s Asset Management division acquired its initial 19.5% shareholding in Harvest Fund Management Co. Ltd in March 2005 – creating the largest foreign joint venture fund management company in China.
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.”
Ed Peter, Head of Deutsche Asset Management, Asia Pacific and MENA said, “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. For example, we have established a global talent exchange program 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 (EUR 23.5 billion) of assets under management as of 31 December 2007, Harvest Fund Management was ranked #3 by total market share in the Chinese asset management industry and the #1 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% shareholding in Huaxia Bank.
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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 77,920 employees in 76 markets, 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.
About Deutsche Asset Management
With approximately €568.03 billion in assets under management globally (as of October 2007), Deutsche Bank’s Asset Management division is one of the world’s leading investment management organisations, not just in size, but in the quality and breadth of investment products, performance and client service. The Asset Management division provides a broad range of investment management products across the risk/return spectrum.
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