Mirae Asset Financial Group, local asset manager, has settled a contract with two Chinese partners to establish a mutual fund joint venture in China, the group said on Tuesday.

Under the contract with Huanchen Trust Co. and Tiantu Capital, Mirae Asset Global Investments, a unit of the Mirae Asset group, will invest 25 million yuan (US$3.66 million), to set up the joint venture.

The two Chinese partners are to inject 40 million yuan (US$5.9 million) and 35 million yuan (US$5.12 million), respectively, according to Mirae.

The asset manager plans to submit an application for the launch to the China Securities Regulatory Commission (CSRC) in November, it said.

If Mirae wins a CSRC approval, it will be marked as the first South Korean company to enter the Chinese asset management market, it added.

(Xinhua News Agency September 23, 2009)