China International Fund Management Co (CIFM) has received the approval to complete its legal entity name change to JPMorgan Asset Management (China) Company.
JP Morgan Asset Management (JPMAM) received regulatory approval from the China Securities Regulatory Commission for 100% ownership of CIFM on 19 January.
It is one of multiple foreign asset managers of late to receive approval to either acquire full ownership of their mutual fund joint ventures or set up wholly-owned entities from scratch.
As one of the first Sino-foreign joint ventures in China’s asset management industry, CIFM was co-founded by Shanghai Trust and JPMAM in May 2004.
As of December 2022, CIFM has Rmb160bn ($23bn) client assets and serves over 64 million customers.
In addition, CIFM has also been a participant in Qualified Domestic Institutional Investor, Qualified Domestic Limited Partner and the Mutual Recognition of Funds schemes, offering offshore strategies to domestic investors.