Asset Management: East Meets West

摘要

Something of a landmark hit China's asset management industry in July. Harvest Fund Management, the biggest of China's 32 Sino-foreign joint-venture asset-management companies, ,with more than $29 billion in assets under management, announced a deal with Deutsche Asset Management. The pact gives Harvest control of a raft of Asian equity funds and mandates and makes it China's largest cross-border asset manager. It marked a significant step for the industry as a whole.rnUnder the terms of the deal, a new entity called Harvest Global Investments, in Hong Kong, takes on the management of all DWS mutual funds with Asian or Greater China equity strategies (DWS is Deutsche's investment manager brand). Ten members of the Deutsche Asset Management staff will join this new manager, and Deutsche, through its stake in the Chinese parent company, will indirectly own 30 percent of it. Because these funds are sold worldwide, notably in Europe, the deal brings with it an investor base that includes European pension funds and global insurance clients.