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, but did not reference the price it would pay.
The US bank is one of a number of global firms hoping to capitalise on China's $45trn financial market and the $13trn of investable assets represented by the country's households.
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