Lehman, IBM plan joint China fund

Lehman Brothers and IBM plan to announce a new US$180 million joint-venture fund to invest in China, the Financial Times reported. The fund may be the first venture of its kind by an investment bank and an industrial company and plans to target a range of sectors for investment including technology, telecoms and industry. The fund will officially operate out of Lehman's Hong Kong offices. The fund will focus on better-developed groups that show potential for growth. Lehman Brothers said earlier this year that Asian expansion was its top priority. Investment banks and global corporations have been scrambling to increase their presence in China, the newspaper reported.