- Swiss investment banking and financial services provider UBS Group AG (NYSE:UBS) is planning to establish a wholly owned mutual fund business in China, Reuters reported.
- The bank aims to reach and expand its presence in China’s retail fund market valued at $3.9 trillion.
- Recruitment for key personnel has already begun, and the unit is expected to be launched in about two years.
- UBS already owns a private fund business and a mutual fund joint venture in China.
- The report noted that the move comes amidst tightening competition for a share in China’s mutual fund industry after the country slashed the foreign ownership cap.
- Price Action: UBS shares are trading higher by 0.87% at $15.02 in premarket on the last check Wednesday.
- Photo Via Wikimedia Commons
War, Inflation, Fed Hawkishness, Elon Musk’s Twitter Buy: How These Factors Weighed On Cathie Wood’s Top Holdings In 2022
In 2022, financial markets witnessed one of the worst routs in history, dragged by the war in Ukraine, rising inflation and subsequent hawkish policies deployed by central banks.
