(Yicai Global) Feb. 9 -- The body of the investment director and owner of a Shanghai-based private equity fund manager was found in the city’s Huangpu River a few days ago and has been identified by the family and through DNA sequencing, The Paper reported yesterday, citing local police. So far, it is not being treated as a criminal case.

Gao Shan, who holds a 55 percent stake in Shanghai Universal Wisdom Fund, went missing last month. The forensic examination showed that death was likely by drowning and that there were no serious external injuries.

40-year-old Gao, who was also independent director at Shanghai Huaming Intelligent Terminal Equipment, had worked for 16 years in the securities sectors and held positions at major players such as Shanghai International Fund Management and Guotai Asset Management. In 2013 he entered the private fund manager sector.

Another shareholder has been in charge of Universal Wisdom since Gao went missing. The company is operating as normal but has greatly reduced the number of staff, the report said.

Universal Wisdom, which has CNY4 billion (USD629 million) of assets under management, created a fund product in March last year that has a cumulative rate of return of 46 percent, although this narrowed by 8.2 percent in the last month.

Editors: Dou Shicong, Kim Taylor