(Yicai Global) April 29 -- J.P. Morgan has submitted an application to China’s securities regulator seeking to take full ownership of J.P. Morgan Futures, its futures joint venture in the country.

J.P. Morgan seeks to increase its stake from 49 percent, it said in a statement released today, allowing the firm to further strengthen its onshore platform and continue to offer a comprehensive set of services and solutions to clients in China and globally.

"We are very pleased to further grow our onshore business capabilities in China, as the country continues to open and liberalize its financial markets,” said David Martin, Asia Pacific Head of Global Clearing at J.P. Morgan.

J.P. Morgan Asset Management is also set to become the first foreign asset manager to acquire full ownership of a Chinese fund manager. It has reached a deal with Shanghai International Trust, a unit of Shanghai Pudong Development Bank, to take full ownership of its joint venture China International Fund Management.

Editor: Xia Ruirui