China's securities regulator announced that JPMorgan has been given permission to acquire full ownership of its Chinese mutual fund venture as the nation encourages foreign companies to expand after removing its onerous COVID regulations.
According to the China Securities Regulatory Commission, JPMorgan's asset management division would be permitted to acquire full ownership of China International Fund Management Co. (CIFM), in which it now maintains a 49 percent stake.
In April 2020, JPMorgan declared it will pursue complete ownership of CIFM.
The Chinese mutual fund venture of Canada's Manulife Financial Corp was given regulatory licence in November to be fully controlled.
In the same month, American asset manager Neuberger Berman received authorisation to establish a new fund unit in China.
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