UBS Global Asset Management (China) has launched a new office in Beijing to tap China's growing $650 billion private equity market.

The new branch offers advice in areas, such as the set-up of equity investment funds, mandated equity investment assets management, management of firms invested by equity investment funds, equity advisory services, direct private equity, and fund of funds investments.

"China's strong economic growth has positioned the market as one of the most promising emerging markets globally. As of 30 June 2011, the total capital committed to China's private equity market reached $652 billion," said Xinyuan Ling, the chairman of UBS Global Asset Management in China, in a statement.

Emerging markets are gaining investor attention because they have generally lower debt ratios compared to the more developed economies. Over the past months, the likes of Goldman Sachs and Morgan Stanley have set up their own private equity funds in the Mainland to take advantage of the growing industry.