BNP Paribas Asset Management has become the latest Western fund manager to set up shop in China after being granted a license to form a joint venture in the country with a local securities firm.

BNP Paribas is teaming up with Shanghai-based Shenyin & Wanguo Securities Corporation. Under the terms of the agreement the French firm will own 33% of the joint venture, the maximum stake allowed under Chinese regulations. Shenyin & Wanguo will own the balance.