JPMorgan plans to assume majority ownership of its Chinese fund-management joint venture

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JP Morgan Chase's corporate headquarters in New York City.

JPMorgan Chase & Co.   said it plans to assume majority ownership of its Chinese fund-management joint venture, its latest step toward establishing a firmer foothold in China after Beijing recently relaxed its rules for foreign ownership of financial firms.

The U.S. bank on Monday said its asset-management arm is hoping to increase its ownership of China International Fund Management Co.—a mutual-fund joint venture in which JPMorgan has owned a minority stake since 2004—to 51% from 49% currently. The bank hasn’t yet formally applied to do so.

Last Thursday, JPMorgan’s brokerage unit submitted an application to Chinese regulators to acquire a 51% stake in a new securities joint venture.

“Our investment in China is a commitment to bring the full force of JPMorgan Chase and our resources to the country,” James Dimon, the bank’s chairman and chief executive, said in a statement.

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