UBS Group AG UBS is mulling to use the new relaxed regulations in China to its advantage by strengthening its asset management business. The news was reported by Bloomberg.
China’s government opened its asset management markets wider for foreign firms, starting Apr 1, 2020. Under the new rules, asset managers across the globe can apply for wholly owned fund management licenses, which would grant them full control of mutual funds in China.
Further, global wealth firms, which are not financially strong to make significant investments, can apply for private fund management licenses, which will allow them to raise yuan-denominated funds from qualified clients to invest overseas.
Lastly, global asset managers can opt for boosting their ownership of existing joint venture (JV) partnerships in China to 100%.
UBS Group has long enjoyed a leading position in China compared with other foreign peers. The bank has been able to obtain licenses of