Strategic tie up for Da Cheng and Deutsche

Deutsche Bank puts another foot in the door to China, this time in the fund management industry.
Deutsche Asset Management DeAM has signed a letter of intent with Da Cheng Fund Management to co-operate strategically in the China fund management market.

With China's anticipated entry into World Trade Organization WTO, the China asset management industry will be integrated into the global financial system, says Long Xiao Bo, chief executive officer of Da Cheng. This letter of intent would enable Da Cheng to step toward that direction. Da Cheng and DeAM will be able to cooperate in many areas including investment management, product development and marketing strategy.

Under the terms of WTO entry agreement, China will permit minority foreign-owned joint ventures to engage in fund management on the same...

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