J.P. Morgan Asset Management has received regulatory approval for full ownership of its China joint venture more than two years after it first submitted an application.
The China Securities Regulatory Commission has approved J.P. Morgan Asset Management (JPMAM) to complete its acquisition of China International Fund Management (CIFM), according to a statement.
«Having worked hand-in-hand with CIFM since co-founding it 18 years ago […] we’re thrilled to now fully combine CIFM’s strengths with our international investment capabilities to serve both domestic China and global investors,» said JPMAM chief executive George Gatch, noting that the Chinese firm oversees around 170 billion yuan ($23.9 billion) in client assets, as of 30 September 2022.
Post-Acquisition Plan
Following the acquisition, CIFM will be operating under the JPMAM brand in China and all of its employees will eventually relocate to join the American firm in its Shanghai office. CIFM CEO Eddy Wong will become JPMAM China CEO and report to JPMAM APAC CEO Dan Watkins.
«Our strategic goal is to significantly grow JPMAM China to become the leading foreign asset manager in China and contribute to JPMAM becoming the leading manager of China assets to global investors,» Watkins added.
