Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with operations in 15 markets. The largest bank in Singapore as measured by assets, and a leading bank in Hong Kong, DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region. DBS has leading positions in corporate, SME and consumer banking, treasury and markets, wealth management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in China, India, Indonesia, Malaysia, Thailand and The Philippines. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.
About DBS Asset Management
DBS Asset Management (DBSAM) is the investment management subsidiary of DBS Bank Ltd, one of the largest financial services groups in Asia with operations in 15 markets and "AA-" and "Aa1" credit ratings, which are among the highest in the Asia-Pacific region.
An Asian-based investment management company with business operations in Singapore and Hong Kong, and associated companies in Malaysia and China, DBSAM has 25 years of experience in managing a wide array of award-winning funds with consistent performance track records relative to benchmarks.
DBSAM and its associated companies manage about SGD 23.5 billion* in assets for retail, private and institutional investors. DBSAM is also the largest provider of Singapore Authorised Funds^.
DBSAM takes pride in its team of seasoned investment professionals operating across Asia and strong in-house research capabilities. With its close proximity to Asian markets and specialist knowledge of Asia, DBSAM provides comprehensive investment solutions to Asia-focused investors, with core competencies in Asian equities, global fixed income and absolute return strategies.
* Nominal assets under management (AUM) as at 31 July 2007 include AUM from DBSAM, Hwang-DBS Investment Management Berhad in Malaysia, and Changsheng Fund Management Company Limited (CSFMC) in the People's Republic of China . DBSAM acquired a 33% stake in CSFMC on 6 July 2007.
^ Source: Morningstar, Inc, Singapore Registered Funds Authorised as at 31 July 2007.
About Changsheng Fund Management Company
Changsheng Fund Management Company Limited was founded in March 1999 and operates in Beijing and Shanghai. The Company is one of the first ten fund management companies founded in the PRC. It is also one of the first group of fund management companies approved by the Chinese government to manage the National Social Securities Funds ("NSSF") in China.
DBSAM acquired the 33% shares for a total cash consideration of RMB174, 900,000 (approximately SGD34.4 million) in 2006. The legal completion of the JV was approved in July 2007. Other partners in Changsheng include Guoyuan Securities with a 41% stake, and 13% each held by Anhui Provincial Innovative Investment Company Limited ("Anhui Innovative") and Anhui Provincial Investment Group Company Ltd ("Anhui Investment").
The strategic partnership with DBSAM combines Changsheng’s local market knowledge and distribution network and DBSAM’s expertise in investment and risk management of mutual funds to build Changsheng into a leading fund management company in China.
Changsheng sponsors, markets and manages mutual and NSSF funds invested in domestic equity, Chinese government and corporate bonds as well as local banks’ fixed deposits.
The Company’s net asset under management ("NAUM") as at 30 September 2007 was RMB 63.7 billion. It is currently managing nine mutual funds and five NSSF’s portfolios.