JPMorgan, StanChart Approved for Wholly Owned China Ventures

(Bloomberg) — JPMorgan Chase & Co. gained full control of its China mutual fund joint venture, joining rival Manulife Financial Corp. in buying out local partners to secure full ownership of a business in the 26 trillion yuan ($3.8 trillion) market.

The China Securities Regulatory Commission approved the U.S. bank’s acquisition of a 49% stake in China International Fund Management Co. Ltd. from Shanghai International Trust Co. Ltd., according to a statement from the regulator on Thursday. Its asset management wholly foreign-owned enterprise set up in 2016 will also be integrated under the JPMorgan Asset Management (JPMAM) brand in China.