Former JPMorgan China fund manager raises $43 million
Tuesday, April 29, 2008 : PermalinkReuters - Lu Jun, former chief investment officer of JPMorgan’s China fund venture, has raised 300 million yuan ($43 million) for his fund targeting the domestic stock market, which he believes has bottomed barring another spike in inflation.
It is the latest in a series of products launched by Chinese "private investment funds", which play the same role as hedge funds do abroad — investing big sums of money for wealthy clients.
The fund, launched in partnership with China’s Ping An Trust and Investment Co, raised the proceeds in two tranches this month from about 80 clients whose minimum subscription was set at 3 million yuan ($429,300), Lu told Reuters.
Lu’s firm, Congrong Capital Investment Management, acts as an adviser for the funds and will share fees with Ping An Trust — which will charge holders of the funds an annual management fee of 2 percent and a performance fee of 20 percent, he said by phone.