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Deals Of The Day: The Latest In Wealth Management M&A - JPMAM, China Merchants Bank

Editorial Staff

6 December 2019

are entering into a partnership. The pact will concentrate on the Shenzhen-based bank's new asset management unit, CMB Wealth Management, media reports said. 

JPMAM will be a preferred product provider to CMBWM, giving access to its offshore and onshore solutions which fit with the Chinese counterpart’s offerings.

"Having evolved from CMB's asset management business, we have been dedicated to China's domestic market for over 16 years, aiming to become a domestic leading, international first-class and all-round asset management institution. In the initial stage of this strategic partnership, we will work with CMB and JPMAM on knowledge sharing, product access and product development, based on mutual respect,” Wang Tao, chief executive officer of CMBWM, is quoted as saying.

WealthBriefingAsia contacted JP Morgan for comment to clarify and confirm details of the reports; it may update in due course.

JPMAM has taken advantage of mainland China’s rules allowing it to run a wholly foreign-owned asset management organisation in Shanghai.