UBS revisits plan for mutual fund unit to grow its business in China

UBS aims to launch the China fund unit in about two years, the people said. The bank’s asset management arm began hiring key personnel in recent months for the planned business, including a head of the company, one of them said.

It comes amid intensifying competition in the mutual fund industry in the world’s second-largest economy, heightened by the scrapping of foreign ownership caps two years ago. UBS kicked off work late last year to set up the new fund unit after failed attempts to buy full ownership of its China mutual fund joint venture and after the stalling of talks to form a joint asset management business with China Life, the sources said.

Both the sources declined to be named as they were not authorised to speak to the media on the subject.Growth opportunity

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