JP Morgan seeks control of Shanghai asset management JV

JPMorgan Chase & Co is seeking 100 percent ownership of its fund management joint venture in China, according to people familiar with the matter, a move that comes on top of efforts to take full control of another local unit as the country opens its financial market, Bloomberg reports.

The New York-based bank is in talks with partner Shanghai International Trust Co to acquire its 49 percent stake in China International Fund Management Co, which oversees 150 billion yuan of assets, the people said, asking not to be identified as the discussions are private. The partners haven’t yet reached an agreement on a price and the plan is subject to change, according to the people.

JPMorgan Asset Management last year agreed to pay at least 241.3 million yuan to Shanghai Trust in boosting its stake by 2 percentage points to 51 percent.

That transaction is yet to be approved by regulators. Representatives at Shanghai Trust and China International Fund declined to comment. JPMorgan didn’t immediately reply to an email seeking comments.