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.
Japan has deployed long-range missiles in a southwestern region near China, the Japanese defense minister said yesterday, at a time when ties with Beijing are at their lowest in recent years. The missiles were installed in Kumamoto in the southern region of Kyushu, as Japan is attempting to shore up its military capacity as China steps up naval activity in the East China Sea. “Standoff defense capabilities enable us to counter the threat of enemy forces attempting to invade our country ... while ensuring the safety of our personnel,” Japanese Minister of Defense Shinjiro Koizumi said. “This is an extremely important initiative for
Chinese Nationalist Party (KMT) Chairwoman Cheng Li-wun (鄭麗文) today accepted an invitation from Chinese President Xi Jinping (習近平) to lead a delegation to China next month, saying she hopes to promote the peaceful development of cross-strait relations and bring stability to the Taiwan Strait. “I am grateful and happy to accept this invitation,” Cheng said in a statement from the KMT chairperson’s office. Cheng said she hopes both sides can work together to promote the peaceful development of cross-strait relations, enhance exchange and cooperation, bring stability to the Taiwan Strait and improve people’s livelihoods. At today's news conference, Cheng said any efforts to
MORE POPULAR: Taiwan Pass sales increased by 59 percent during the first quarter compared with the same period last year, the Tourism Administration said The Tourism Administration yesterday said that it has streamlined the Taiwan Pass, with two versions available for purchase beginning today. The tourism agency has made the pass available to international tourists since 2024, allowing them to access the high-speed rail, Taiwan Railway Corp services, four MRT systems and four Taiwan Tourist Shuttles. Previously, five types of Taiwan Pass were available, but some tourists have said that the offerings were too complicated. The agency said only two types of Taiwan Pass would be available, starting from a three-day pass with the high-speed rail and a three-day pass with Taiwan Railway Corp. The former costs NT$2,800
The nation’s fastest supercomputer, Nano 4 (晶創26), is scheduled to be launched in the third quarter, and would be used to train large language models in finance and national defense sectors, the National Center for High-Performance Computing (NCHC) said. The supercomputer, which would operate at about 86.05 petaflops, is being tested at a new cloud computing center in the Southern Taiwan Science Park in Tainan. The exterior of the server cabinet features chip circuitry patterns overlaid with a map of Taiwan, highlighting the nation’s central position in the semiconductor industry. The center also houses Taiwania 2, Taiwania 3, Forerunner 1 and
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