UBS Asset Management has set up a wholly-owned foreign enterprise (WFOE) in the Shanghai Free Trade Zone.

The new entity, UBS Global Asset Management (Shanghai) Ltd, will raise funds in China to invest in overseas markets under the Qualified Domestic Limited Partner (QDLP) scheme.

With an initial quota of $100m, the new entity plans to launch its private funds investing in both alternative and traditional asset classes to domestic institutional investors and high-net-worth individuals by the end of 2015, UBS said in a statement.

UBS Asset Management China chairman Xinyuan Ling said: "UBS offers a broad range of investment products and capabilities both onshore and offshore. Our participation in the QDLP program enhances the access to the international markets for our Chinese clients."

UBS Asset Management created its first WFOE in Beijing UBS Global Asset Management (China) Limited in 2011.

UBS Asset Management owns 49% of UBS SDIC Fund Management, the mutual fund house in China which has $29.8bn of asset under management.

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