The Deutsche Bank/A Brain alliance in Korea has been awarded six joint mandates to administer 12 mutual funds. The wins give Deutsche Bank just under 20% of the market share in mutual fund custody in the country, while A Brain's market share of fund administration now stands at 60% of the mutual fund segment.

Among the mandates won are funds launched by Macquarie-IMM Investment Management, an Australia-Korea joint venture asset management company, and SEI Asset Korea, a local mutual fund company comprising US-based SEI Investments, IFC and TongYang Securities.

Deutsche Bank's partnership with A Brain has been operating in Korea since August 2000. Under the arrangement, Deutsche offers custody and trustee services, cash management and international securities and fund administration services. A Brain, the largest third party administrator in Korea, provides fund accounting, administration and transfer agency services.

The partnership was established to capitalize on the rising number of foreign fund managers who have set up branches and joint ventures in Korea over the past year. "Our partnership provides a cost-effective service package to young entrants, such as the Korean mutual fund joint ventures," explains Leow Chong Jin, head of customer management for Deutsche's custody operation. "The alliance gives clients an immediate access to the market. It is working very well."

At the same time, Deutsche Bank has been appointed sub-custodian of CIBC Oppenheimer's India Fund. Registered in the US, the India Fund is a closed-end fund with investments in Indian securities. The fund is managed by CIBC Oppenheimer, the private client division of CIBC World Markets, the global name of the investment banking and securities businesses of the Canadian Imperial Bank of Commerce. Deutsche Bank is the first direct, local custodian appointed for the country fund.