HONG KONG: JPMorgan could become the first foreign company to own a majority stake in its Chinese mutual fund business, after its joint venture partner put a crucial 2 percent of the business up for sale that analysts expect the Wall Street bank to lap up.
J.P. Morgan Asset Management currently owns 49 percent of China International Fund Management , while Shanghai International Trust, belonging to Shanghai Pudong Development Group, owns 51 percent. "This is a very, very critical step because this potentially could open the doorway for a number of other deals to begin working their way through the process," said Peter Alexander, founder and managing director of fund consultancy Z-Ben Advisors.
Morgan Stanley became the largest shareholder last month in its joint venture, but remains short of majority control.
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