A global investment manager representing about $900 billion in assets under management has been granted a private fund management license by the Asset Management Association of China (AMAC).
The AMAC license will allow UBS Asset Management to offer onshore fixed income, equities and multi-asset private funds to high-net-worth and institutional Chinese investors. It complements UBS AM's existing Chinese operations.
UBS AM president Ulrich Koerner described China as a key growth market for his group, adding: "Our goal is to be a leading asset manager in China for both onshore and offshore investors and a strong partner to Chinese clients investing overseas."
UBS AM head Asia-Pacific Rene Buehlmann said: "UBS Asset Management is the first international manager with a [Qualified Domestic Limited Partnership] quota to receive a PFM license in China's onshore market."
"Securing the license expands the breadth and depth of our domestic offering, complements our offshore capabilities and, importantly, demonstrates our continued support of China in its efforts to open its capital markets to the world," Buehlmann said.
This news follows AMP Capital awarding a passive suite of mandates, collectively representing $17 billion, to UBS AM. The mandate was spread across global and domestic equities and fixed income portfolios.