HSBC has reached an agreement to purchase the remaining stake it does not hold in its China fund management joint venture, according to media reports.
A spokesperson for HSBC declined to comment.
The UK bank currently owns a 49% stake in HSBC Jintrust Fund Management and has signed an agreement with Shanxi Trust to acquire the remaining 51% holding, the reports said.
The acquisition amount was not disclosed.
Headquartered in Shanghai, HSBC Jintrust Fund Management was set up in 2005 and has assets under management of $7.73bn, according to its website.
The firm has 180 staff, including 55 people in the investment team.
As global asset managers continue to expand their presence in China, many of them have either set up new wholly-owned fund management companies or have taken full control over their fund management joint ventures.
Most recently, Manulife Investment Management and JP Morgan Asset Management received approval to acquire full ownership of their mutual fund joint ventures.
