JPMorgan Chase will buyout Shanghai International Trust’s 49% stake in their Chinese joint venture China International Fund Management.
“Once these entities are built, they provide the foundation for us to build a very cohesive and competitive offering. It’s a big time for us to have the necessary approvals for our majority owned securities licence... My previous background was running our global equities and prime services businesses. I can’t wait to see a full suite of our global product capabilities on the ground.”
Mark Leung, CEO for China at JPMorgan
The deal reflects the changes to Chinese law resulting from the phase one trade deal that will allow U.S. firms to set up their own money management and investment banking firms in China.