Deutsche Asset Management, part of Deutsche Bank, has given up control of its Asian assets, personnel, and retail capabilities to Hong Kong-based Harvest Global Investments.

DeAM and Harvest Global's Beijing-based parent Harvest Fund Management Co said in a statement that the former will delegate the management of DWS mutual funds under the Greater China and Asian equities strategies to HGI. Several senior executives and sales teams will also be joining the transition.

The decision comes at an opportune time for DeAM, especially as its DWS brand has failed to take off in Asia - even receiving criticism from Deutsche group CEO Josef Ackerman early this year.

DeAM, like many Western peers, has been working to establish a presence in the potentially huge Chinese asset management and wealth management market.

The size of the assets to be acquired were not revealed, but the move itself could turn into a major break for the newly-formed Harvest Global, particularly with the roster of people slated to take the helm.

DeAm Asia ex-Japan CEO Michele Bang will move to Hong Kong to serve as HGI's chief executive officer. The full operation of the platform is scheduled to go live on the third quarter of this year.