The Federal Reserve Board gave J.P. Morgan & Co. permission Monday to acquire 45% of American Centuries Cos., a Kansas City, Mo.-based no-load mutual fund company.

J.P. Morgan also may fill two of the nine seats on the board of directors at American Centuries, the Fed said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.