UBS AM gains private fund management license in China
Swiss investment firm UBS Asset Management has announced its fully-owned branch UBS Asset Management (Shanghai) Limited, has been granted a private fund management license from the Asset Management Association of China (AMAC).
The license enables the Chinese branch of UBS AM to offer onshore fixed income, equity, and multi-asset private funds to both institutional and high net worth investors in China.
In addition to UBS Asset Management (China) Limited that provides investment management and advisory services for alternative investment from Beijing since 2011, UBS AM has developed a joint venture in 2005 with the State Development & Investment Corporation (SDIC), to form UBS SDIC Fund Management Co. Ltd, which offers onshore mutual funds.
‘Key growth market’
“China is a key growth market for UBS Asset Management. Our goal is to be a leading asset manager in China for both onshore and offshore investors and a strong partner to Chinese clients investing overseas,” said Ulrich Koerner, president of UBS Asset Management.
“UBS Asset Management is the first international manager with a Qualified Domestic Limited Partner quota to receive a PFM license in China’s onshore market. 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,” argued Rene Buehlmann, group managing director, head Asia Pacific at UBS Asset Management.
“UBS Asset Management has been serving China investors since the 1990s. With the addition of the PFM license, augmented by our other platforms in China, we can provide a broad range of services to onshore and global clients. It also allows us to work more closely with subsidiaries of global firms in China to meet their domestic investment needs,” Buehlmann commented.