JPMorgan Asset Management (JPMAM) has obtained license from Chinese financial regulators to operate a wholly owned asset-management firm J.P. Morgan Asset Management (Shanghai) in China.
The license is issued by Shanghai Industry and Commerce Administration and will allow the firm to operate the business in Shanghai free trade zone.
The license offers a business scope of asset management and investment management and consulting.
JPMAM is the first asset management firm to establish asset management wholly foreign-owned enterprise in Shanghai.
The firm already has a fund management joint venture, China International Fund Management, in collaboration with state-owned Shanghai International Trust.
Other new entrants are UK-based Aberdeen Asset Management, Fidelity International of Bermuda and U.S. hedge fund Bridgewater Associates.