CBI member J.P. Morgan recently announced that J.P. Morgan Chase Bank (China) Co. Ltd., J.P. Morgan Chase Bank's locally incorporated bank (LIB) in China, had received approval from the China Securities Regulatory Commission (CSRC) to distribute local securities investment funds to investors in China.
As one of the first foreign bank subsidiaries incorporated in Beijing to have
received the fund distribution licence, LIB will begin by first offering the
CIFM RMB Money Market Fund (CIFM RMB MMF) to its institutional and corporate
investors. CIFM RMB MMF is managed by China International Fund Management Co.
Ltd., a joint venture of J.P. Morgan Asset Management (U.K.) Ltd., and Shanghai
International Trust Co. Ltd.
Zili Shao, Chairman and CEO of J.P. Morgan China, said, "J.P. Morgan
commenced operations in China in 1921, and our franchise continues to grow. In
2007, J.P. Morgan was the first foreign bank to establish an LIB in Beijing and
by obtaining a fund distribution licence, we now integrate best-in-class asset
management advisory services for our institutional clients. In addition to
asset management, J.P. Morgan China franchise also covers investment banking,
corporate banking, treasury services, foreign exchange, and risk management—the
broadest range of wholesale services from a foreign bank."
Nick Huang, Head of J.P. Morgan's Global Corporate Bank for Greater China,
said, "When it comes to investments, our institutional and corporate
clients, local or international, are seeking to establish more robust
investment policies and use a wider range of instruments, with a primary focus
on fixed income. The fund distribution licence will, over time, allow us to
offer our clients the widest range of investment options from the rapidly
growing asset management industry, combined with traditional bank
products."
Please click here
to read the full press release by J.P. Morgan.
Recent Comments