Fubon Asset Management is partnering with China's Founder Securities to set up a joint venture called Founder Fubon Fund Management Co.

The new entity will have a total investment of RMB6.6 million ($973,000), Fubon said in a statement. If the project receives regulatory approval from both sides of the Taiwan Strait, it will become the first Taiwan asset manager to operate in China. Under the deal, Fubon will hold one-third of the joint venture, while the rest will go to Founder. The new company will be established in Beijing.

Fubon has been ramping up its investment efforts in China since the start of 2010, the most notable of which is its application to set up a RMB500 million finance leasing company with CITIC Group. Its partnership with Founder is a sign of the firm's commitment to the fast growing Asian country, where Founder ranks among China's top two securities brokers. Fubon presently has banking operations in Fujian, where it has 33 branches.