Fund Management: Venture Jpmorgan

fund management: JPMorgan confirmed Tuesday that it had the winning bid for 2% of China International Fund Management, a joint venture between the bank and its local partner, according to CNN. JPMorgan JPM currently owns 49%. JPMorgan will have to pay a premium to control its Chinese joint venture JPMorgan paid 241.3 million yuan 34.3 million for the additional stake, the minimum bid price set by its partner, according to data from the Shanghai United Assets and Equity Exchange. But the escalating trade war between the United States and China may complicate the matter, analysts said. The price values the entire venture at 12 billion yuan 1.7 billion one third higher than an earlier valuation of 9 billion yuan 1.3 billion according to the exchange filing. JPMorgan has already received Chinese approval to run a separate securities joint venture. Read More The deal still needs to be approved by regulators in the United States and China. (news.financializer.com). As reported in the news.