JPMorgan reaches agreement to increase stake in China mutual fund venture to 100%

[BEIJING] JPMorgan said on Friday it has reached an agreement with its Chinese partner to increase its stake in its Chinese mutual fund venture to 100 per cent.

The US firm expects to proceed with the required processes to complete the transaction to take full ownership of China International Fund Management (CIFM), including seeking approval from the China Securities Regulatory Commission, according to an emailed statement from the company on Friday.

It did not provide financial details of the deal.

Established in 2004, Shanghai-based CIFM managed more than 150 billion yuan (S$30.42 billion) in assets as of the end of 2019, according to the statement.

JPMorgan said last August that it had won an auction to increase its stake in CIFM to 51 per cent from 49 per cent.

REUTERS