JP Morgan and Shanghai Intl form a joint venture in China

Fears over the deadly flu virus Sare have not hampered JP Morgan Fleming Asset Management's resolve to form a joint venture with Shanghai International Trust and Investment Corporation (Sitico) to establish a fund management business in China. JP Morgan will initially invest approximately $6m in the venture, which will give the US asset manager a 33% stake in the Chinese business ' the legal limit for foreign holdings in a mainland fund management company. It intends to raise this stake to 49% when the law permits. 'With a population of 1.2 billion, strong economic growth and a high...