Harvest Fund Management is one of the three largest fund managers in China, as well as the country’s fifth largest mutual fund company, amongst a domestic industry of 47 fund management companies.
With offices in Beijing, Shanghai, Shenzhen and Chengdu – and with further branch openings planned within the next six months – Harvest Fund Management currently manufactures and distributes a range of domestic equities and fixed income funds for both retail and institutional investors based in China.
Subject to regulatory approval, Deutsche Asset Management (DeAM) will initially 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% foreign shareholding.
This joint venture demonstrates Deutsche Bank’s strong commitment to the China market, said Kevin Parker, member of the group executive committee of Deutsche Bank and global head of DeAM. Our cooperation with Harvest offers the opportunity to extend DeAM’s global capabilities and product strengths in one of the world’s largest and fastest growing financial services markets.
The Chinese fund management market is approximately $40 billion in size. At the end of 2004, foreign joint venture firms had about 18.6% market share, up from 8.6% in 2003.
The industry in China is officially just seven years old, and as one of the first ten fund management companies approved by the China Securities Regulatory Commission, Harvest Fund Management is one of the nation’s founding asset management firms. Harvest was also one of the first managers selected by the National Council of Social Security Funds (NCSSF) to manage the country’s social security funds.
