Morgan Stanley has hiked its stake in securities and fund management ventures in China as part of its strategy towards full control.

According to an exchange filing from Shanghai Chinafortune, the parent company of its partner China Fortune Securities, the firm agreed to buy a further 30% holding in its securities joint venture for $89.5m (RMB569.6m).

The firm also secured a bid to acquire an additional 36% stake in the fund management venture with China Fortune for around $61m (RMB389m).

After the latest transactions, Morgan Stanley will hold 90% of the securities venture and 85% of the fund management company.

The transactions are subject to regulatory approval.

Morgan Stanley secured the clearance of the China Securities Regulatory Commission in last March for taking majority stake in its China securities joint ventures.

Many foreign banks, including Goldman Sachs and BNP Paribas, are looking to bulk up their holdings in their Chinese venture to take up full control after China opened up its financial market last year.

In April last year, the country nixed its limitations on foreign ownership in the securities and mutual fund industry.

In 2018, UBS became the first foreign entity to gain approval to hold a majority stake in its China securities JV under the new rules.

Earlier this month, US asset manager BlackRock reportedly secured licence in China for a majority-owned wealth management venture with a China Construction Bank (CCB) unit and Singapore state investor Temasek.