A wholly-owned Shanghai subsidiary of UBS Asset Management has received a private fund management operation licence to operate in China.
The licence will allow UBS to offer onshore fixed income, equity and multi-asset private funds to both institutional and high-net-worth investors in China, according to a statement by the firm.
UBS Asset Management said it is the first Qualified Domestic Limited Partner to receive the licence, which will allow it to provide services to onshore and global clients.
UBS Asset Management president Ulrich Koerner said China is a "key growth market" for the firm.
"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," Mr Koerner said.
UBS Asset Management Asia-Pacific group managing director Rene Buehlmann said, "UBS Asset Management is the first international manager with a QDLP quota to receive a PFM license in China’s onshore market.
"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."
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