- 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
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