At a time when U.S. and European investment giants are pouring money into China's growing fund industry through joint ventures, a leading portfolio manager is using a different strategy to take advantage of the country's expected economic boom: investing in American companies that are looking to expand in China.

Thomas Marsico, founder of Marsico Capital Management LLC told Bloomberg News that his funds hold shares of GE Co. and FedEx Corp., which are rapidly pushing into the Chinese market. "We want to be exposed to companies that benefit from growth in the developing markets," he said.

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