UBS Asset Management Secures Mainland China Fund License
- UBS unit first qualified partner to obtain license in China
- Allows bank to work closely with global firms’ Chinese units
The UBS AG company logo hangs above the entrance to the company's Broadgate offices in London, U.K., on Wednesday, May 20, 2015. UBS Group AG will pay $545 million to settle U.S. investigations into its role in manipulating currency and interest rates, removing two of the bank's biggest legal hurdles.
Photographer: Chris Ratcliffe/BloombergUBS Asset Management has secured a private-funds license in China, allowing the investment unit to start managing money for mainland institutional and high-net-worth investors in Asia’s largest economy for the first time.
The firm’s local unit is the first so-called Qualified Domestic Limited Partner to be granted a license from the Asset Management Association of China, the money overseer said in a statement. It allows the affiliate to offer onshore fixed income, equity, and multi-asset private funds.