JPMorgan Fleming, Shanghai govt forge JV

After JV talks with Huaan failed, JPMorgan Fleming finds a partner in HuaanÆs major shareholder, Sitico.

If at first you don't succeed, try and try again. That is the truism that both JPMorgan Fleming and the Shanghai municipal government have taken to heart. Just four months after the final, ugly demise of talks between JPMorgan Fleming Asset Management and Shanghai-based Huaan Fund Management to form a joint venture in funds management, JPMorgan has bounced back with Huaan's main shareholder, Shanghai International Trust and Investment Corporation Sitico to announce the creation of a fund management JV.

Sitico is the financing and investment arm of the municipal government and is 60% owned by Shanghai International Group.

Through JPMorgan Fleming AM's UK branch, the...

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