7 July
JPMorgan has to pay $1 billion for getting full ownership of the Chinese mutual fund
On Tuesday, Shanghai United Asset and Equity Exchange has announced that JPMorgan has to pay $1 billion in order to become the only shareholder of the Chinese mutual fund called China International Fund Management Co (CIFM). According to the announcement, analysts consider the deal price to be quite high.
JPMorgan has to purchase 49% of the fund’s stock in order to get full ownership. The company started to consider this step after the Beijing’s decision, which was made in the beginning of this year, to fully open up the mutual funds’ industry to foreign companies.
In April, the JPMorgan company has already come to an agreement with another partner, Shanghai International Trust Co, for full ownership of the fund.
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