Deutsche Asset Management, a division of Deutsche Bank, said yesterday that it will form a joint venture mutual fund company with Taiwan's Chinatrust Commercial Bank (中國信託商業銀行).
"We are now in the process of establishing a mutual fund house," said Jessica Cherng (
The NT$300 million joint venture, KG Securities Investment Trust Co, will develop Taiwan's potentially lucrative mutual fund market and also offer newly-deregulated discretionary investment management services to investors, the company said.
Chinatrust Bank will be the largest investor, with a 40 percent stake, followed by China Securities Co (
Choy Peng Wah, chief executive officer of Deutsche Asset Management (Asia) Ltd, said that the new firm will be a combination of "local knowledge and global fund management expertise."
Increasing deregulation in the asset management industry has attracted major fund management houses to either seek local partners or acquire them to gain a quick foothold in the domestic market.
"Although the market appears to be very crowded, Deutsche Asset Management believes that there are substantial growth opportunities on the back of the liberalization of pension funds," Choy said.
ING Group has joined with Chang Hwa Bank (
Prudential, the UK's largest fund management house, bought Core Pacific Securities Investment Trust Co (
Meanwhile, Chinatrust Commercial Bank estimates annual pre-tax profits for 2001 will hit NT$10.008 billion, up 10.94 percent over 2000 pre-tax profits of NT$9.021 billion, the bank said in a statement yesterday.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source