J.P. Morgan & Co. is taking its emerging markets business to its U.S. private banking clients.

The bank filed a registration statement in late May for a limited partnership investing in equity securities of developing countries. The partnership, J.P. Morgan Emerging Markets Growth Portfolio LP, sold stakes of $150,000 or more - but typically more than 500,000 - for a total of roughly $20 million.

Morgan has long had a Bahamas-based fund that invests in emerging markets, but it is not open to U.S. investors, according to Arthur B. Sculley, managing director and head of private banking at Morgan.

About 50 clients are participating in the partnership, Mr. Sculley said. The partnership is expected to have a life of five years.

J.P. Morgan, for its part, is guaranteed a good return. The general partner, J.P. Morgan Private Investments Inc., gets a management fee equal to 0.5% of the net asset value of the partnership. J.P. Morgan Investment Management collects a 1% advisory fee plus "10% of any excess returns on the partner's capital contributions after all partners have received a 15% return."

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