The US bank's asset management arm took full ownership of the China funds business in January this year.
JP Morgan Asset Management yesterday said that its wholly-owned China International Fund Management business will operate under the brand name of JPMAM in China.
The US bank’s asset manager took full ownership of the Chinese group in January.
To recognise this significant milestone for its business, George Gatch, chief executive officer, JP Morgan Asset Management and Paul Bateman, chairman, JP Morgan Asset Management, have travelled to Shanghai to meet and greet the expanded team, and visit the integrated team’s future workspace in Shanghai Tower, the tallest building in China in the heart of Shanghai’s financial district.
“Combining the full breadth of our global resources and long-established domestic presence, we are well positioned to deliver values for global investors as China’s economy continues to grow and capital markets continue to internationalise,” Gatch said.
Dan Watkins, Asia-Pacific CEO for, JP Morgan Asset Management, said: “China is an important market for JPMAM in Asia-Pacific. Unifying our local business with the global brand not only signifies the first step of our integration journey but also underscores our longstanding commitment to China. With JP Morgan’s 102-year heritage and JPMAM’s almost two-decade track record in China, we look forward to continuing to help global investors navigate tremendous opportunities in China’s market and domestic investors diversify their portfolios internationally.”
In March 2021 JP Morgan agreed to pay $410 million for a stake in the wealth arm of China Merchants Bank.
A number of Western firms have taken full ownership or controlling stakes in Chinese asset managers. Earlier this year, Morgan Stanley Investment Management won approval from the China Securities Regulatory Commission to take a full controlling stake in Morgan Stanley Huaxin Funds. In 2020 Goldman Sachs agreed to buy its China joint venture partner. A number of foreign firms have established JVs to tap into the world’s second-largest economy and the structure remains one of the main ways in which Western organisations are able to do business in China. This trend continues despite the sometimes fraught diplomatic relationship between the West and China.