After a record number of cross-border joint ventures between fund managers was announced in 1999, the number was cut in half in 2000, according to Cerulli Associates of Boston. Twenty-six joint ventures were announced in 1999, and it is unlikely that there will again be such a high number, according to Cerulli. Thirteen were announced in 2000, Cerulli said.

"The reduction [in joint ventures] has been in part a reflection of the growing realization that [joint ventures] do not always work but equally a growing glasnost in many international markets - precluding the need for such (often unstable) alliances," according to the report.

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