Cinda Asset Management has taken a 54% stake in a joint venture with First State Investments, part of the Commonwealth Bank of Australia, state media reported. The deal has not yet been officially announced but has received approval from the China Securities Regulatory Commission. Originally designed to dispose of non-performing loans run up by state banks, branching out into fund management is an important step for the AMC. Other AMCs could be potential targets for overseas fund managers looking for joint venture partners. First State's original China venture ended in 2004 with the collapse of its joint venture partner Hantang Securities.