Beijing-based Harvest Fund Management, 20 per cent-owned by Deutsche Bank, has been approved to invest clients' money in overseas financial markets, the Shanghai Securities News has reported. It is the first Sino-foreign mutual fund management company to receive permission to launch a fund under the qualified domestic institutional investor scheme, the report said. China Asset Management and China Southern Fund Management have also recently obtained approval to launch QDII funds and Chinese mutual funds such as JPMorgan's China asset management venture and securities houses are expected to follow suit after China issued rules recently to let select fund firms and brokerages launch such funds, the report continues.