The Huaan Innovation Fund, billed as the first US-style mutual fund in China, has launched with a market cap of $600m (€684m).

Huaan, advised by JP Morgan Fleming Asset Management, will allocate around 40% of the fund to institutional investors, and 60% to individual investors. Jardine Fleming (JF) Asset Management, the part of JP Morgan Fleming that advised on the launch, expects the fund to be heavily oversubscribed.