JP Morgan to acquire a 10% stake in CMB Wealth Management from China Merchant Bank for $410m.

JP Morgan Asset Management, agreed to acquire a 10% stake in CMB Wealth Management, an asset manager, from China Merchant Bank, a Chinese commercial bank, for $410m. Under the agreement, the two firms will design asset management products - including fixed income, multiasset and target-date funds - for Chinese investors. “Rather than formulating a separate new joint venture entity with CMBWM, this strategic investment uniquely and directly connects us to accelerating our co-operation with CMBWM’s already established product and distribution momentum. We are honoured to participate in and support China’s financial market growth in collaboration with one of the top banks in this market,” Dan Watkins, JP Morgan Asset Management CEO.