In a statement on its website, the company said the move is part of its efforts to stock up on local licenses and to become a leading asset manager in China for “both onshore and offshore investors”.
“UBS Asset Management is the first international manager with a QDLP quota to receive a private fund management (PFM) license in China’s onshore market,” said Rene Buehlmann, group managing director, head of Asia Pacific at UBS Asset Management.
“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,”
In 2005, UBS AM entered into a joint venture with the State Development & Investment Corporation, to form UBS SDIC Fund Management, which offers onshore mutual funds.
Then, in 2011, UBS set up its wholly foreign-owned enterprise in Beijing to provide investment management and advisory services for alternative investment.
The license allows UBS Asset Management (Shanghai) Limited to offer onshore fixed income, equity, and multi-asset private funds to institutional and high net worth investors in China.
