JPMorgan approved to offer local mutual funds in China

JPMorgan Chase has received a regulator's nod to offer local securities investment funds to investors in China, the bank said on Monday.

The China Securities Regulatory Commission has allowed JPMorgan's locally incorporated bank to offer an RMB money market fund to its institutional and corporate investors, according to the bank's announcement.

The fund is managed by China International Fund Management Co., Ltd., a joint venture of JPMorgan Asset Management (UK) Limited and Shanghai International Trust Co., Ltd.

Zili Shao, Chairman and CEO of JPMorgan China, said "by obtaining a fund distribution license, we now integrate best-in-class asset management advisory services for our institutional clients."

"We believe institutional and corporate clients in China are growing in size and sophistication, they are demanding more robust investment solutions and service," said John Donohue, Head of J.P. Morgan Global Liquidity.

JPMorgan Chase Bank (China) was launched in 2007. It offers services in derivatives, foreign exchange and local currency trading, government bond underwriting, trade finance, fund distribution and commercial banking.