trending Market Intelligence /marketintelligence/en/news-insights/trending/NBZHMQhXcBlz9N8V42CFmg2 content esgSubNav
In This List

JPMorgan's asset management unit wins auction to raise stake in China JV to 51%

Podcast

Street Talk | Episode 98: Regulatory scrutiny having cooling effect on community bank M&A

Blog

Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion

Podcast

Street Talk | Episode 97: Recessionary fears still keeping bank investors on the sidelines

Blog

Making sanctions effective: Key themes for banks


JPMorgan's asset management unit wins auction to raise stake in China JV to 51%

U.S.-based JPMorgan Chase & Co. unit JPMorgan Asset Management won an auction to buy an additional 2% stake in its Chinese joint venture, London's Financial Times reported Aug. 6, citing Dan Watkins, Asia-Pacific CEO of the asset manager.

The stake purchase would bring JPMorgan's stake in China International Fund Management to 51% and make it the first foreign company to own a majority stake in a Chinese asset manager. The deal will be subject to regulatory approvals in the U.S. and China, Watkins said. JPMorgan will buy the stake from its Chinese partner, Shanghai International Trust Corp. Ltd.

The development comes as China has been stepping up to open its financial sector to foreign investors. Chinese authorities recently said they plan to remove foreign ownership limits of securities, insurance and fund management firms by 2020, a year earlier than planned.