JP Morgan Asset Management plans to increase its current 49% stake in China International Fund Management (CIFM) to majority interest.
The company’s spokesperson told Citywire Asia this is subject to agreement with its joint venture partner and the relevant authorities.
‘We continue to work closely with CIFM and look forward to the next important steps in this exciting market,’ the spokesperson said, adding that the firm is committed to the further development of Chinese markets.
In China, the asset manager offers a variety of investment products including two mutual funds: JPMorgan Asian Total Return Bond fund and JPMorgan Pacific Securities fund.
These are distributed to Chinese investors under the Mutual Recognition of Funds (MRF) program.
JP Morgan has filed for MRF applications for another two funds – JPMorgan Asia Equity Dividend Fund and JPMorgan Global Bond Fund – that are now pending approval.
The group received approval to establish an Asset Management Wholly Foreign-Owned Enterprise in 2016. Desiree Wang is the country head and head of institutional for China.
In Asia Pacific, the group manages about $172 billion in client assets.