Deutsche Bank has teamed up with a leading Korean fund administrator this week, forming the first major alliance to position itself for the largest mutual fund market in Asia ex-Japan.
The German bank and A Brain have signed a three-year partnership agreement to jointly market their fund administration and custodian services to Korea's asset management companies AMCs. No profit or cost-sharing agreements have been reached between the companies. But Jay Kim, A Brain managing director, says Deutsche Bank has the option to take up to 30% stake in the company in the first year.
As Korea continues to pull its fund management practices in line with international standards, more alliances are expected...
