Deutsche Bank’s Asset Management division has formally entered the Taiwanese funds management market, following the signing of an agreement to acquire a 60% majority stake in Taiwanese investment management firm, Far Eastern Alliance Asset Management Co., Ltd.
Subject to regulatory approval, the venture will be jointly owned by two partners -Deutsche Bank AG and Far Eastern International Bank – and the business renamed Deutsche Far Eastern Asset Management Company Limited.
“The transaction is in line with the objectives for our Asset Management division in Asia – namely, having leading platforms in core large and growing economies focused on global products and alternative investments,” says James Wu, chief country officer for Taiwan, Deutsche Bank.
“Far Eastern is a very strong brand in Taiwan, and the Deutsche Bank relationship will build on our local fund management expertise and position us to capitalise on expected market reforms spanning the insurance sector and the trend towards outsourcing of government pension funds,” adds Eli Hong, president, Far Eastern International Bank.