JPM

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

Credit: REUTERS/MIKE SEGAR

BEIJING, April 3 (Reuters) - JPMorgan JPM.N 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.

JPMorgan said last August that it had won an auction to increase its stake in CIFM to 51% from 49%. ($1 = 7.0978 Chinese yuan renminbi)

(Reporting by Zhang Yan and Ryan Woo in Beijing; Editing by Alex Richardson)

((Zoey.Zhang@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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