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JPMorgan Asset Management joint venture one of the top Sino-foreign fund houses in China

Jul 06, 2006

China International Fund Management has RMB11.9 billion of assets under management.

Hong Kong, 26 July 2006: According to figures recently published by Z-Ben Advisors, China International Fund Management (CIFM), a joint venture between JPMorgan Asset Management (JPMAM) and Shanghai International Trust & Investment Co. (SITICO) is now one of the biggest Sino-foreign fund houses by assets, ranked No. 3 in China. Since its establishment in May 2004, CIFM has accumulated assets of RMB11.9 billion as at 30 June 2006, surpassing many of its industry peers that have been established for longer. The success of CIFM is made even more remarkable because the firm currently offers only four open-ended funds to investors, fewer than most established joint ventures.

Ms Mandy Wang, General Manager of CIFM commented, “To be one of the newest and biggest joint venture fund managers in China is a source of great pride to us. We firmly believe that the strong brands of JPMorgan and SITICO, as well as the extraordinary performance of our investment team, have contributed enormously to this success. It is our hope that we can continue to help shape the fund management industry in China.”

Mainland investors are keen to participate in the fledgeling Chinese domestic stock market and to capitalise on the greater investment opportunities which higher yielding funds can offer. As a result, investors have been transferring their assets from the more conservative money market funds into equity funds. Given the impressive performance of CIFM’s two equity funds, it is not surprising that the firm’s assets are growing rapidly.

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For further information please contact
Daniel Chui, Head of Investor Communications
Telephone: (852) 2800 2874
Email: daniel.wc.chui@jfam.com

Issued by JF Asset Management Limited

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Notes to Editors
JF Asset Management (“JFAM”) forms a key part of JPMorgan Asset Management Holdings Inc. and is the descriptive name used for our asset management businesses in Asia ex-Japan. The brand name “JPMorgan Asset Management” covers the asset management activities of JPMorgan Chase & Co. globally.

JPMorgan Asset Management is part of J.P. Morgan Chase & Co. and is a global asset management leader providing world-class investment solutions to clients. With US$898 billion in assets under management (the Asset Management client funds of JPMorgan Chase & Co. as at 30 June 2006) and offices in 40 locations around the world, JPMorgan Asset Management offers global coverage with a strong local market presence, and leadership positions in most asset classes.

Commitment to Hong Kong
JFAM’s fund management business has remained headquartered in Hong Kong throughout the past three decades and today has nearly 300 employees based in this location. Since its formation, JFAM has established itself as one of the largest local portfolio managers in Hong Kong with over US$26 billion (30 June 2006) of funds managed locally.

As part of a major global investment group, we are committed to providing specialist teams with the resources needed to deliver successful products and performance to our clients. The Hong Kong-based Pacific Regional Group, together with the local presence of the Global Portfolios Group, form the core of JFAM’s investment management operations. In addition to the knowledge and experience of our individual investment professionals, the stability of the team has enabled JFAM to develop strong relationships with local clients.