China International Fund Management (CIFM) has been renamed JPMorgan Asset Management (China).
The move comes after New York-based J.P. Morgan Asset Management bought out Shanghai International Trust Co’s 49% stake in CIFM for an undisclosed sum, making it the second fund house in China to become wholly foreign-owned. China’s securities regulator cleared the acquisition in January.
“Further details on the rebrand, reflecting its integration into JPMAM’s global operating model, will be announced later this month,” the US asset manager says in a statement on April 12.
Based in Shanghai, the renamed firm had 160 billion RMB (US$23 billion) of asset under management as of December 2022.
Manulife TEDA Fund Management was the first fund house in China to become 100% foreign-owned after Canada’s Manulife Investment Management was given approval last November to buy out Tianjin TEDA’s 51% stake in the firm for $237.22 million.
