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This paper investigates the asymptotic uniform power allocation capacity of frequency nonselective multiple-input multiple-output channels with fading correlation at either the transmitter or the receiver. We consider the asymptotic situation, where the number of inputs and outputs increase without bound at the same rate. A simple uniparametric model for the fading correlation function is proposed and the asymptotic capacity per antenna is derived in closed form. Although the proposed correlation model is introduced only for mathematical convenience, it is shown that its shape is very close to an exponentially decaying correlation function. The asymptotic expression obtained provides a simple and yet useful way of relating the actual fading correlation to the asymptotic capacity per antenna from a purely analytical point of view. For example, the asymptotic expressions indicate that fading correlation is more harmful when arising at the side with less antennas. Moreover, fading correlation does not influence the rate of growth of the asymptotic capacity per receive antenna with high Eb/N0.