JPMorgan Seeking 100% Control of China Venture Fund

JP Morgan is aiming to gain full control of its China fund venture, which is part of a larger strategy to capitalize on the growing asset management market in China. With $22 billion in assets, JP Morgan, alongside Goldman Sachs, is a major player in the trillion-dollar asset management industry. The opportunity in China is significant, with many institutional investors ready to invest. However, there is substantial local competition. JP Morgan's long-standing presence in China and its desire for 100% control with a local partner are key to its strategy.

Why is JP Morgan's long-standing presence in China considered beneficial for their venture?

What is JP Morgan's goal regarding control in their asset management venture?