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JPMAM gets green light to distribute HK funds in China

China_and_Hong-Kong_flagChina’s regulator has given JPMorgan Asset Management (JPMAM) the green light for the northbound distribution of two funds as the world’s second largest economy continues to open its markets to foreign institutions. Based in Hong Kong, the JPMorgan Asia Equity Dividend Fund and JPMorgan Global Bond Fund are set to be distributed via the mutual recognition of funds (MRF) scheme. One challenge that has dogged the scheme is the limited choices of northbound funds. The two products join two of JPMAM’s northbound funds already on offer, namely the JPMorgan Asian Total Return Bond Fund and JPMorgan Pacific Securities Fund. The JPMorgan Asia Equity Dividend Fund had approximately $1.3 billion in assets under management (AuM) as of December 2018, the asset manager said. The Global Bond Fund had around $457 million in AuM over the same period, it added. JPMorgan’s joint venture, China International Fund Management, will continue in its role as the firm’s local representative and master agent for fund distribution into mainland China, it said in a statement. “We are committed to helping mainland investors access international investment diversification and embrace the benefits of taking a long-term investment approach,” said Dan Watkins, chief executive officer of Asia Pacific at JP Morgan Asset Management. ©2019 funds global asia

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