Deutsche Asset & Wealth Management (Deutsche AWM) and Harvest Global Investments have raised over US$1 billion asset under management in their Renminbi Qualified Foreign Institutional Investor (RQFII) products. They have jointly become the largest provider of China A shares ETFs in the US and Europe in terms of assets and on-exchange turnover volumes.

Deutsche AWM and Harvest are also the only providers of RQFII products in both the US and Europe.

The RQFII product launched in the US one year ago by Deutsche AWM and Harvest was the first RQFII product created outside of Hong Kong.

Peng Choy, chief executive officer of Harvest, said: "A year has passed since we launched the first RQFII product beyond Hong Kong in collaboration with Deutsche AWM, and the response from investors has been most encouraging. We will continue to strive to deliver investment solutions and access to China jointly with our partner."

Marco Montanari, head of passive asset management, Asia-Pacific, of Deutsche AWM said: "We are proud to be the leading RQFII product provider in the US and in Europe. The products launched by Deutsche AWM and Harvest gave global investors an unprecedented access to China. We look forward to creating new exciting products to consolidate our market leadership."