J.P. Morgan continues to expand ownership of its China-based businesses with the latest plans to take full control of its fund management joint venture.
The American lender currently has a 51 percent stake in the JV after purchasing an additional 2 percent last year. According to a «Bloomberg» report citing unnamed sources, it will seek to acquire the remaining 49 percent in China International Fund Management from Shanghai International Trust though no price has been agreed and the plan is subject to changes.
J.P. Morgan continues to demonstrate optimism and capitalize on opportunities from China’s opening financial markets. The pursuit of a fully-owned domestic asset manager follows the bank’s successful launch of a majority-owned securities venture.
«We will continue to invest in and fully support our business in the country, which has become a critical market for many of our domestic and global clients,» Jamie Dimon, chairman and CEO of J.P. Morgan Chase, said in a statement.
