In November 2017, AM launched the first domestic Equity Private Fund provided by a foreign asset manager in China. This is in addition to the range of products AM already offers through its joint venture UBS SDIC, which has served retail clients in China since 2005. “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,” explains René Bühlmann, Group Managing Director, Head Asia Pacific at Asset Management.
“Asset Management has been serving China investors since the 1990s. With the addition of the PFM license, augmented by our other platforms in China, we can provide services to onshore and global clients. It also allows us to work more closely with subsidiaries of global firms in China to meet their domestic investment needs.”
A key market
UBS is the first international asset manager to hold both a PFM license and a Qualified Domestic Limited Partner (QDLP) scheme quota and, since the launch of the QDLP offering in 2016, AM has helped domestic clients invest in alternative assets offshore. At the same time, the firm has built a foundation on which to further grow its business in China through an ambitious hiring program and the establishment of three UBS University campuses as well as Business Solutions Centers in Shanghai, Wuxi and Beijing. UBS has long identified China as a key market with a business potential too great to be ignored.