China Speeds Up Approval of Wholly Foreign-Owned Fund Managers

What’s new: China picked up the pace for opening up its domestic stock market by giving approval of three wholly foreign-owned fund managers in just over a month this year, compared with just one such approval last year.

Last week, Morgan Stanley gained full control of its fund management joint venture in China after the China Securities Regulatory Commission (CSRC) gave approval for the U.S. bank to boost its stake in the Shenzhen-based Morgan Stanley Huaxin Fund Management Co. to 100%. JPMorgan Chase & Co. also recently gained regulatory approval for full control of its fund joint venture in China.