JPMorgan Establishes Beachhead in Mainland China After Taking Full Control of JV
Posted on 04/03/2020
In the backdrop of China expanding liberalization of its coveted asset management industry, JPMorgan Chase & Co. signed a deal to acquire its local partner in China. JPMorgan is buying a 49% stake held by Shanghai International Trust Co. to take full ownership of the venture, known as China International Fund Management Co. China International Fund Management is a 15-year plus partnership with JPMorgan. At the end of 2019, China International Fund Management managed 150 billion yuan (US$ 21.1 billion) of assets.
J.P. Morgan Asset Management seeks to onshore its asset management business to mainland China.