More NewsFirms Push Ahead With Chinese Fund Management Business

Firms Push Ahead With Chinese Fund Management Business

JPMorgan Fleming Asset Management (UK) and Shanghai International Trust and Investment Corporation (SITICO) have announced a joint venture to establish a fund management business in China. The move is expected to expand the market position of JPMorgan Chase & Co. in China’s fast growing financial market. JPMorgan Fleming, the asset management arm of JPMorgan Chase, will initially invest a total of RMB 49.5 million (approximately US$6 million) for a 33 per cent stake in the joint venture, the current legal limit for foreign holdings in a mainland fund management company. It intends to raise this stake to 49 per cent when Chinese law permits. As a start, the joint venture will have a share capital of RMB 150 million (approximately US$18.2 million).

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