(Bloomberg) -- JPMorgan Chase & Co. is seeking 100% ownership of its fund management joint venture in China, according to people familiar with the matter, a move that comes on top of efforts to take full control of another local unit as the country opens its financial market.

The New York-based bank is in talks with partner Shanghai International Trust Co. to acquire its 49% stake in China International Fund Management Co., which oversees 150 billion yuan ($22 billion) of assets, the people said, asking not to be identified as the discussions are private. The partners haven’t yet reached an agreement on a price and the plan is subject to change, according to the people.

JPMorgan Asset Management last year agreed to pay at least 241.3 million yuan to Shanghai Trust in boosting its stake by 2 percentage points to 51%. That transaction is yet to be approved by regulators.

Representatives at Shanghai Trust and China International Fund declined to comment. JPMorgan didn’t immediately reply to an email seeking comments.

Global financial firms are rushing to capitalize on China’s opening of it $45 trillion financial market, with the likes of JPMorgan, Goldman Sachs Group Inc and UBS Group AG adding staff and expanding their footprint in everything from futures and brokerages to asset management. Most foreign financial institutions have identified wealth management as a prime focus as Chinese households are sitting on about $13 trillion in investable assets.

Overseas investors will be able to apply for licenses to start wholly owned mutual fund management firms in April, or buy out local funds. Goldman Sachs plans to apply for a license to run a fully owned asset management operation once the rules allow, a person familiar said. Nomura Holdings Inc’s Chief Executive Officer Koji Nagai said last month its expertise catering to rich Japanese should give it an edge in managing wealth in a fast-greying China.

JPMorgan is also seeking full control of its futures joint venture in China, raising it from a current 49% stake, people familiar with the matter said last month.

To contact Bloomberg News staff for this story: Evelyn Yu in Shanghai at yyu263@bloomberg.net;Zheng Li in Shanghai at zli698@bloomberg.net

To contact the editors responsible for this story: Candice Zachariahs at czachariahs2@bloomberg.net, Jonas Bergman

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