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.
