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Money Management

UBS Asset Management receives private fund management license for China

UBS Asset Management said it has received a private fund management license from the government-backed Asset Management Association of China, the final hurdle to offering onshore products to local institutional and high-net-worth investors.

A UBS Asset Management news release Thursday said the license will allow its wholly foreign-owned entity to offer "onshore fixed income, equity and multiasset private funds to both institutional and high-net-worth investors in China."

The firm's joint venture with China's State Development & Investment Corp. has offered onshore mutual funds to retail investors on the mainland since 2005.

Rene Buehlmann, UBS' Hong Kong-based group managing director and head, Asia Pacific, said in the release that his firm becomes the first global manager with a qualified domestic limited partnership quota in China to receive a private fund management license as well.