JPMorgan’s latest China deal – a direct investment in the wealth management arm of China Merchants Bank – is a timely reminder, not just of the vast untapped potential in the onshore private wealth space, but also the value of thinking long term in Asia’s largest economy.
The deal announced on March 19 will see JPMorgan Asset Management (Asia Pacific) buy a 10% stake in CMB Wealth Management, for Rmb2.7 billion ($415 million), with the remainder to be owned by the Shanghai- and Hong Kong-listed lender.
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