HONG KONG  – UBS has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said. UBS has decided to indefinitely suspend works in preparation to set up a wholly-owned mutual fund business in China, the people said, pausing plans it formed as early as 2021 when the bank was keen to expand in China's fast-growing $3.9 trillion fund market. Suspending its original plan was mainly due to China's regulation that stipulates any company can own no more than two fund management firms in the market, the people said.

https://business.inquirer.net/409775/ubs-shelves-plan-for-new-china-fund-unit-takes-over-credit-suisse-joint-venture-sources

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