Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

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

Published 04/03/2020, 05:53 AM
Updated 04/03/2020, 05:55 AM
© Reuters. FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York

© Reuters. FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York

BEIJING (Reuters) - JPMorgan (N:JPM) said on Friday it has reached agreement with its Chinese partner to increase its stake in its Chinese mutual fund venture to 100%.

The U.S. firm expects to proceed with the required processes to complete the transaction to take full ownership of China International Fund Management Co. (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 ($21 billion) in assets as of the end of 2019, according to the statement.

© Reuters. FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.