Australian fund management group First State Investment has received regulatory approval from the Chinese government to establish a joint venture with China's Cinda Asset Management, Shanghai Securities News has reported.
The deal will see First State take a 46% in the venture, with Cinda holding the remaining 54%. It makes First State the first Australian fund manager to move into China’s growing market.
According to the report, the joint venture will be established in China’s Shenzhen province and will have a registered capital of around $12 million.