It will become the third foreign stock fund launched by a Chinese operation under the country Qualified Domestic Institutional Investor (QGII) programme.
The programme aims to ease the upward pressures on renminbi and this investment could raise up to $4 billion from Chinese investors.
Deutsche Bank owns 20 per cent of Harvest Fund Management Co and plans to invest in overseas markets, including Hong Kong, New York, and Singapore, according to reports from ChinaDaily.
But investment targets have to take at least half of their revenue or profit from China.
Chinese Southern Fund Management Co. raised $4 billion for an overseas stock fund earlier in the month, it was popular as local investors wanted to diversify from China's stock market despite it rising greatly in the lat few years.