JPMorgan Chase to pay $1bn for China fund expansion - reports

JPMorgan Chase will need to pay at least $1bn to proceed with the buyout of the remaining share of its Chinese mutual fund business, according to a Shanghai United Assets and Equity Exchange statement yesterday. The bank has agreed to buy its business partner in the country Shanghai International Trust's 49% stake in China International Fund Management at a price representing a 150bn yuan, according to Bloomberg. JPMorgan said in April it would gain full control of the Chinese mutual fund business,...