The Financial Supervisory Service, South Korea's financial regulator has given approval for JP Morgan Chase & Co to start a wholly owned asset management firm in the country. The firm will have an initial capital of KRW10 billion ($10.8 million), according to a statement. Currently, the 14 foreign asset managers in Korea account for around 18 per cent of the domestic asset management market, which is valued at KRW251.4 trillion in terms of assets under management.