HSBC has reached an agreement to purchase the remaining stake it does not hold in its China fund management joint venture, according to media reports.
A spokesperson for HSBC declined to comment to our sister publication Fund Selector Asia.
The UK bank currently owns a 49% stake in HSBC Jintrust Fund Management and has signed an agreement with Shanxi Trust to acquire the remaining 51% holding, the reports say.
The financial terms of the acquisition were not disclosed.
Headquartered in Shanghai, HSBC Jintrust Fund Management was set up in 2005 and has assets under management of $7.73bn (£6.12bn, €7.04bn)
The firm has 180 staff, including 55 people in the investment team.
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