JPMorgan will offer mutuals in China

Fund will go to institutional and corporate investors.

JPMorgan Chase has received permission from the China Securities Regulatory Commission to offer local securities investment funds to investors in China.

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

CSRC has allowed JPMorgan's locally incorporated bank, JPMorgan Chase Bank (China), to offer an RMB money market fund to its institutional and corporate investors.

Zili Shao, chairman and CEO of JPMorgan China, said that by obtaining a fund distribution license, JPMorgan now integrate asset management advisory services for institutional clients.

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