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July 14, 2017

UBS secures private fund management licence in China

UBS Asset Management (Shanghai), the Chinese subsidiary of UBS Asset Management, has obtained a private fund management (PFM) licence that will allow it to manage money for both institutional and high net worth investors in China.

The licence from the Asset Management Association of China (AMAC) will allow the wholly foreign-owned enterprise (WFOE) to provide onshore fixed income, equity, as well as multi-asset private funds.

UBS called China its “key growth market” and said that it is the first Qualified Domestic Limited Partner (QDLP) to secure a PFM licence in the region.

Commenting on the development, UBS Asset Management group managing director and head for Asia Pacific Rene Buehlmann said: “Securing the license expands the breadth and depth of our domestic offering, complements our offshore capabilities and, importantly, demonstrates our continued support of China in its efforts to open its capital markets to the world.

UBS’ collaboration with the State Development & Investment in 2005 led to the establishment of UBS SDIC Fund Management that offers onshore mutual funds. The Swiss wealth manager set up its WFOE in Beijing in 2011 to offer investment management and advisory services.

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