AXA's Chinese funds management joint venture plans to launch its first mutual fund this year with a target to raise 10 billion yuan ($1.32 billion). AXA SPDB Investment Managers was launched in Shanghai this week, with the aim of tapping China's booming investment market. AXA SPDB is a joint venture with Shanghai Pudong Development Bank, a local partner of Citigroup. AXA already has a life insurance venture in China.