JP Morgan unit continues China j/v negotiations
(Hong Kong) - JP Morgan unit JF Asset Management and Shanghai's Huaan Fund Management are still in discussions to for a joint venture fund management company in China, but the negotiations are proceeding slowly.
JF Asset Management has been involved with Huaan since 2001, when the two signed a technical cooperation agreement under which JF acted as an adviser to the Huaan Innovation Fund, China's first open-end mutual fund.
In November, JP Morgan Chase Vice Chairman David A. Coulter said talks with Huaan were proceeding at a disappointingly slow pace.
One sticking point is reportedly JF's buy-in price, with Huaan believed to be asking as much as US$60 million for a 33 percent stake.
Other western financial groups, such as ING, SG and Allianz have all recently formed Chinese fund management joint ventures.
In November, JP Morgan Chase Vice Chairman David A. Coulter said talks with Huaan were proceeding at a disappointingly slow pace.
One sticking point is reportedly JF's buy-in price, with Huaan believed to be asking as much as US$60 million for a 33 percent stake.
Other western financial groups, such as ING, SG and Allianz have all recently formed Chinese fund management joint ventures.
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