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UBS SDIC Funds Management Company closes inaugural fund

Hong Kong Media Releases APAC

Underscoring its commitment to China and adding to its current momentum, UBS Global Asset Management's funds management joint venture, UBS SDIC Funds Management Company, closed its inaugural fund, the Core Companies Equity Fund, on 14th April. The RMB2.7 billion (CHF430 million / USD339 million) raised, represents the largest active equity fund raising in China so far this year.

The first fund to be launched since the UBS/ SDIC [State Development and Investment Corporation] joint venture was established in June last year, the Core Companies Equity Fund focuses on listed Chinese companies with robust corporate governance and which are deemed likely to generate strong dividends.

"Not only is the Core Companies Equity Fund the largest active equity fund launch in China so far in 2006 but it is also many times the size of the average fund raising in 2005. Its success is a testament to the high regard in which investors hold the joint venture partners and, subject to regulatory approval, provides an ideal platform from which to launch a second fund later this year," said John LARUM, President of China Business at UBS Global Asset Management.

"The success of the fund suggests that our confidence in the fund's management and that the establishment of our joint venture with SDIC would represent an important step in our ambition to build a major presence in China's burgeoning fund management industry is well founded. At the same time, the partnership is demonstrative of UBS's broader commitment to China and the continuing execution of our overall multi-platform China strategy," added James HONG, Chairman of Greater China at UBS Global Asset Management Asia Pacific.

Launched in June last year, the joint venture between UBS Global Asset Management and SDIC was the first to allow the new maximum 49% foreign partner holding in a Chinese fund management company. Shareholders of the joint venture are SDIC Hongtai Trust & Investment Co. Ltd, a wholly-owned subsidiary of SDIC, and UBS AG.


Mark Panday

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