Dutch financial giant ING Group and Belgium's Fortis will further expand their presence in China as they become the latest foreign firms to win approval to set up a joint-venture fund house. ING Investment Management will form a joint-venture fund company with one of the mainland's largest brokers, China Merchants Securities, after they received approval from the China Securities Regulatory Commission (CSRC). ING and China Merchants Securities will be the two main shareholders in the joint venture to be called China Merchants Fund Management. Belgium's Fortis Investment Management yesterday said the CSRC had approved its joint venture with leading securities firm Haitong Securities. The new venture Fortis Haitong Investment Management would initially be 33 per cent owned by Fortis, rising to 49 per cent three years later. The joint venture plans to offer mutual funds.