State Street Global Advisors (SSGA) has formed a partnership with China Asset Management with plans to market an exchange-traded fund, which awaits regulatory approval. A joint venture could be next. Regulations require foreign fund managers to operate in the mainland as joint ventures. SSGA Principal and Chief Executive Vincent Duhamel said his firm would prefer operating its own wholly-owned affiliate in China. But it will take what it can get: "Five years ago, there was a risk going into China, but five years from now, the bigger risk is not going into China," he told the South China Morning Post.