CHINA / GERMANY - Harvest Fund Management Co Ltd, a Deutsche Bank AG fund joint venture, has reportedly won approval to invest overseas under China's Qualified Domestic Institutional Investor (QDII) programme.
Harvest, said its foreign shareholder, Deutsche Asset Management, which is a division of Deutsche Bank, has been appointed as overseas investment adviser.
And it means this is the first China joint venture fund to obtain a QDII license, according to reports.
Harvest reportedly said the first QDII product will mainly invest in listed companies in Hong Kong, Singapore, the Nasdaq and New York Stock Exchange which have operations in China.
In June this year, Global Pensions reported that Deutsche Bank had become the first firm to base its regional transition management service in Asia (excluding Japan).
It follows the easing of local restrictions on foreign asset allocations in Asian markets which has led to demand for regional transition management services.
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