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Deutsche enters Chinese fund market

Deutsche bank is to enter the Chinese fund management market via a joint venture between Deutsche Asset Management and Harvest Fund Management Company.

The agreement will create the largest foreign joint venture fund management company in China to date. Harvest is a top three fund manager in China, as well as the countrys fifth largest mutual fund company amongst a domestic industry of 47 fund management companies.

DeAM will take a minority stake in Harvest, and has secured the right of first refusal to increase its ownership to the current regulatory limit of a 49 per cent foreign shareholding.

Harvest currently distributes a range of domestic equities and fixed income funds for both retail and institutional investors based in China.

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