UBS to cease China fund distribution unit by end September

UBS said on Thursday its China fund distribution unit in the tech hub of Shenzhen would cease its fund sales business at the end of September.

Launched in 2022, the platform, branded WE.UBS, was established as an independent fund sales unit and targets affluent Chinese investors.

In a statement to Reuters, UBS said other wealth management platforms in China were operating as usual, and it would integrate relevant resources from the shuttered business.

WE.UBS struggled to scale in the face of a highly competitive market as well as competition within UBS, three people with knowledge of the matter told Reuters on condition of anonymity.

The Swiss bank's other operations in China, including brokerage and banking units, also have fund sales licences.

Reuters

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