Deals
JPMorgan to Seek Full Control of China Fund Venture
- Firm reached agreement for majority holding last year
- Global banks vie for China’s $13 trillion of investable assets
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JPMorgan Chase & Co. is seeking 100% ownership of its fund management joint venture in China, according to people familiar with the matter, a move that follows efforts to take full control of another local unit as the country opens its financial market.
The New York-based bank’s asset management division is in talks with partner Shanghai International Trust Co. to acquire its 49% stake in China International Fund Management Co., which oversees 150 billion yuan ($22 billion) of assets, the people said, asking not to be identified as the discussions are private. The partners haven’t yet reached an agreement on a price and the plan is subject to change, according to the people.