Martin Currie to end China joint venture after manager exit

Martin Currie is set to lose its Shanghai research team after its China joint venture partner announced it would buy out the company's stake.

Joint venture partner Heartland Capital Management is to buy out Martin Currie's stake in November 2011, and with it the Shanghai-based research team, subsequent to an investigation into Martin Currie's purchase of an unlisted convertible bond in 2009. The bond, issued by a company named Ugent, was purchased in 2009 on behalf of the China fund, a New York-listed mutual fund. Martin Currie conducted an investigation into a potential conflict of interest relating to the investment and has now announced Chris Ruffle, portfolio manager, China and Taiwan, will leave the firm on 29 July. ...