Deutsche Bank's 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.
In addition Rex Chou has been appointed as CEO 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.
"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," says Michele Bang, CEO, Deutsche Asset Management Asia - ex Japan.
"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," adds Chou.
With 13 years' financial services experience in Taiwan, 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.