Dutch insurer Aegon has bought a stake in a Chinese fund manager to gain access to Asia's fastest growing market, but its investment comes at a time when several joint ventures are finding it difficult to hold onto their market share.

Aegon has bought a 49% stake, the maximum allowed under local regulations, in Industrial Securities, a Chinese mutual fund manager with about €1.7bn ($2.3bn) in assets. The joint venture, which is called Industrial Fund Management Company, will also look to enter the developing pensions market in China.