Deutsche Bank on Monday announced the acquisition of a 60-per-cent interest in
Taiwan investment management firm Far Eastern Alliance Asset Management Co,
After the acquisition, Far Eastern Alliance would be renamed Deutsche Far Eastern Asset Management Co Ltd and Mr Rex Chou had been appointed chief executive officer of the company, Deutsche Bank said in a statement from Taipei.
The remaining 40-per cent stake in Deutsche Far Eastern Asset Management is owned by the Far Eastern International Bank, which is part of the Far Eastern Group, one of Taiwan's largest business conglomerates.
"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 (which) is one of the largest foreign investment banks in the market," Deutsche Asset Management Asia Chief Executive Officer Michele Bang said.
"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," Rex Chou said.
Deutsche Bank has 78,291 employees in 76 countries and markets and has been operating in Taiwan for 28 years.
Far Eastern Alliance Asset Management was established in 2001 as part of the Far Eastern Group.