China International Fund Management Loses CIO Star

Star manager Lu Jun left the China International Fund Management Co., a Shanghai-based venture 49% controlled by JP Morgan Asset Management, for “personal reasons,” according to Dow Jones. The state-controlled news said that Lu plans to launch his own business.    A strong market in China has lured many mutual fund managers away from their investment companies and toward private investment funds.   With Lu as the skipper, the China Advantage Fund saw a four-fold increase in funds. Yang Anle and Liang Jun will replace Lu.   Meanwhile, a recent report form Research and Markets in Dublin predicts growth in among funds in China. The report notes that the 20% gains among Chinese funds in 2006 has piqued interest and driven flows in 2007. Chinese mutual funds account for about $30.2 billion under management.   The market’s growth has attracted interest from foreign investors. There are now eight fund management joint ventures in China, and two in development. The report predicts more firms to launch funds there. The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries