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JPMorgan Chase & Co. has agreed to buy out its local partner to take full control of a Chinese mutual fund joint venture, taking advantage of Beijing's latest move to open up the country's asset management market to foreign companies.
The bank is buying a 49 per cent stake from Shanghai International Trust Co. to take full ownership of the venture - China International Fund Management Co. (CIFM), according to a statement released on Friday, without details about the purchase price.
JPMorgan is the first among a raft of asset management firms seeking full . . .
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