Crédit Agricole Asset Management is teaming up with the National Agricultural Cooperative Federation (NACF), Korea's largest retail bank, to form a joint investment trust management company in Seoul, in the French fund manager's latest effort to expand in Asia.

Earlier this week it signed a letter of intent with NACF in which it would take a minority stake in the proposed joint venture. If the necessary regulatory authorisations are obtained, an operational structure should be in place by the end of this year.