Deutsche Bank has acquired a 60 per cent majority stake in Far Eastern Alliance Asset Management, a Taiwan joint venture with Far Eastern International Bank, from AllianceBernstein and Sun Hung Kai.

The company is currently a three-way JV between AllianceBernstein, Hong Kong developer Sun Hung Kai Properties and Taiwan's Far Eastern International Bank.

Subject to regulatory approval, Deutsche will acquire the AllianceBernstein and Sun Hung Kai stakes and rename the company Deutsche Far Eastern Asset Management.

The move represents a strategic entry into the region's fourth-largest mutual funds industry for Deutsche.

James Wu, chief country officer at Deutsche in Taiwan, says Deutsche Asset Management will be able to leverage its internal expertise through retail arm DWS Investments and its property specialist RREEF Alternative Investments.

Far Eastern Alliance was set up in 2001 but is the sixth smallest of Taiwan's 40 fund management companies, with only 0.5 per cent market share.

Deutsche has recently taken its ownership of Harvest Fund Management in China to 30 per cent. It has secured a banking licence and is preparing to launch a private wealth management business in Shanghai.