SINGAPORE - Singapore's United Overseas Bank Limited (UOB) said its asset management unit had been approved to set up a joint venture fund management firm with China Ping An Trust Co Ltd and Sanya Yingwan Tourism Co Ltd, Reuters reported Thursday. 

Related readings:  UOB invests $202m in China's Evergrowing Bank  Ping An buys HK$197m shares in Sino Oil & Gas  Ping An, SDB clarify rumor on integration plan  Ping An in talks to buy cosmetics maker Jahwa

The joint venture, named Ping An UOB Fund Management Co Ltd, will have a paid up capital of 300 million yuan ($45 million), in which UOB Asset will hold a 25 percent stake, it reported. 

According to the report, Ping An Trust, a unit of Ping An Insurance (Group), and Sanya Yingwan will hold 64 percent and 11 percent of the remaining shares respectively.