January 6th, 2011
Financial Times: JP Morgan is set to beef up its China presence, having received the long-awaited approval for its securities joint venture with a Chinese partner that will allow it to help local clients raise money in China’s equity and debt markets. Follow up:
Morgan Stanley, which last year sold its stake in CICC, also received approval to set up a new venture with Shanghai-based brokerage China Fortune Securities. Read more at the Financial Times.....
Follow up:The securities joint venture with First Capital is just one of several initiatives JP Morgan is expected to soon announce in China and comes as the US bank attempts to catch up with key rivals such as UBS, Goldman Sachs and Morgan Stanley who have long operated extensively in the market.