UBS Asset Management has been granted a licence to market funds to institutional and high net worth investors in China, the firm said.
The company’s wholly foreign owned enterprise, or WFOE, has received a private fund management licence from the Asset Management Association of China.
Under the licencing rules, the firm must launch at least one fund within six months. UBS established its WFOE, UBS Asset Management (China) Limited, in 2011.
UBS is the second international firm to receive a PFM licence. Fidelity International received AMAC certification in January.
Commenting on the new licence, Ulrich Koerner, president of UBS Asset Management said: ‘China is a key growth market for UBS Asset Management. 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.’
Global asset managers have been taking steps to establish an onshore presence in China.
Earlier this month, Schroders, Fullerton Fund Management and BNY Mellon Investment Management acquired WFOE licences for investment management, the last step before receiving AMAC certification.