HONG KONG : UBS has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said.UBS has decided to indefinitely suspend works in preparation to set up a wholly-owned mutu
HONG KONG : UBS has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said.
Suspending its original plan was mainly due to China's regulation that stipulates any company can own no more than two fund management firms in the market, the people said. UBS recently decided to keep the ownership and remain in partnership with ICBC, the two people said, asking not to be identified due to the sensitivity of the matter.The Swiss banking behemoth factored in lucrative income that the joint venture brings in, according to one of the people and a third source with knowledge of the matter.
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