JPMorgan could become the first foreign company to own a majority stake in its C...
HONG KONG - JPMorgan could become the first foreign company to own a majority stake in its Chinese mutual fund business, after its joint venture partner put a crucial 2 percent of the business up for sale that analysts expect the Wall Street bank to lap up.
Under new rules announced in late 2017, foreign asset managers can own up to 51 percent of their Chinese mutual fund joint ventures, though, so far, no company has managed to do so. “This is a very, very critical step because this potentially could open the doorway for a number of other deals to begin working their way through the process,” said Peter Alexander, founder and managing director of fund consultancy Z-Ben Advisors.
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