Deutsche Bank has moved its Asian asset and wealth management headquarters to Hong Kong from Singapore.
Ravi Raju, the managing director and regional head of Deutsche Asset & Wealth Management in Asia-Pacific, told South China Morning Post that the relocation aims to capture opportunities in the mainland and North Asia.
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The move follows a raft of market reforms that China is implementing enabling Chinese investors to invest globally.
"China is implementing many reforms aimed at the internationalization of the Yuan, which is expected to become globally convertible over time.
"These reforms will allow domestic Chinese investors to invest internationally, and we are in a good position to help these investors implement these investments. We also have many international investors who wish to invest into the domestic Chinese market through A shares and other mainland fund products," Raju added.
Deutsche Bank’s asset and wealth management unit accounts to about 10% of its assets under management in Asia.
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By GlobalDataAccording to the publication, the annual growth in the region’s assets under management has increased to about 10 to 15% in recent years, compared with only 2 to 3% growth in developed western markets.
"Many of our private banking clients are focused on long-term investments. Our bank and our clients are very comfortable to continue to invest in Hong Kong and mainland China," Raju said.
