Deutsche Asset Management launches Indian operations
Friday, 17 January 2003, 20:30 IST
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MUMBAI: Deutsche Bank today launched its funds management business in India, Deutsche Asset Management (India) Private Limited, following receipt of its licence from SEBI and approval to market its first four domestic mutual fund products. Choy Peng Wah, CEO of Deutsche Asset Management (Asia), in India for the launch, said "India is a large and growing market of importance to our group". "There is clearly a growing acceptability of open-end funds in India, from both retail and institutional investors. We are confident that pension fund reforms by the Ministry of Finance, coupled with regulations allowing investment in offshore markets, will offer even greater opportunities for fund management companies in India," Choy said. Deutsche Asset Management is one of the largest foreign fund managers in the region. Its network of businesses in Japan, Singapore, Hong Kong, Australia, Korea, Taiwan and now India manage over EUR 70.8 billion of institutional and retail client funds . According to Choy, Deutsche Asset Management will seek to leverage the excellent reputation of Deutsche Bank in India. Deutsche Bank has been operating Corporate Banking, International Trade Finance, Global Markets, Custody services, Global Cash Management, Corporate Trustee and Agency services, as well as Private Banking businesses extremely successfully in India since it established its first branch here in 1980. Douglas T. Neilson, Chief Country Officer of Deutsche Bank India, said, "We are very pleased to be able to offer asset management products in the Indian market. This will enable us to further capitalise on our global strengths and expertise, and add another important group of products to the existing extensive range of value added services which we provide to our customers in India. This is very much part of our strategy of continuing to enhance and expand our Indian business in this important market." Led by Sandeep Dasgupta, Business Head of Deutsche Asset Management in India, the funds management team has spent much of the past year obtaining regulatory approvals for the business to operate locally, researching the most appropriate products for release in India, and establishing relationships with key retail distributors. "Initially we are targeting the high-end retail and corporate markets in India, offering sophisticated investors a range of innovative domestic investment products. Our longer term plan includes offering structured investment products to the institutional market," said Mr Dasgupta.
Source: IANS
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