DB - Deutsche Bank gets fund custody license in China

Deutsche Bank's (DB) Chinese subsidiary gets a domestic fund custody license, allowing it to hold securities for on behalf of mutual funds and private funds based in China.The German lender becomes the second foreign bank to obtain a fund custody license, following Citigroup, which received one in September.The development is the latest example of foreign banks seeking to bolster their presence in the fast-growing Chinese market as the world's second-largest economy has opened its financial markets to foreign companies in the past year.“Many of our global institutional clients are actively exploring and acting on the unfolding opportunity to tap into the exponential China market, which is still fast growing and opening up,” Rose Zhu, Deutsche Bank’s China chief country officer, said. “At the same time, the booming domestic fund industry is looking for global expertise to foster further development.”Pimco, Baillie Gifford and Russell Investments have registered with the Asset Management

For further details see:

Deutsche Bank gets fund custody license in China