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JPMorgan plans to assume majority ownership of its Chinese fund-management joint venture

The bank would be the first Western financial firm to majority-own a fund-management arm able to sell mutual funds to Chinese customersJP Morgan Chase's corporate headquarters in New York City. JPMorgan Chase & Co.(JPM)  said it plans to assume majority ownership of its Chinese fund-management joint venture, its latest step toward establishing a firmer foothold in China after Beijing recently relaxed its rules for foreign ownership of financial firms. The U.S. bank on Monday said its asset-management arm is hoping to increase its ownership of China International Fund Management Co.—a mutual-fund joint venture in which JPMorgan has owned a minority stake since 2004—to 51% from 49% currently.