July 13, 2017 / 1:09 PM / 2 years ago

UBS's Chinese subsidiary granted local private fund license

A UBS advertisement is displayed on top of a commercial building in Hong Kong, China May 2, 2017. Picture taken May 2, 2017. REUTERS/Bobby Yip

ZURICH (Reuters) - UBS’s (UBSG.S) Chinese asset management subsidiary has been granted a license to manage money for institutions and wealthy investors onshore in China, part of the Swiss bank’s efforts to stock up on local licenses.

“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,” Rene Buehlmann, head of Asia Pacific at UBS Asset Management, said in a statement on Thursday.

The license allows UBS Asset Management (Shanghai) Limited to offer onshore fixed income, equity, and multi-asset private funds to institutional and high net worth investors in China.

Reporting by Joshua Franklin; Editing by Mark Potter

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