Fund Management
UBS Closes Fund Distribution, Digital Platform In Shenzhen
Other UBS wealth management platforms in China will be unaffected, the report said.
UBS is reportedly closing
its fund distribution business and digital platform in Shenzhen,
China.
The Swiss banking group confirmed yesterday to the news service
that the unit will shut later in September.
UBS declined to comment further about the matter when contacted
by WealthBriefingAsia.
A Reuters report said the platform is expected to
be renamed and integrated into UBS’s Chinese securities business.
Other wealth management platforms in China will be
unaffected.
The bank has, the news service said, struggled to attract
investors in a market already overcrowded with rivals. UBS
opened the Shenzhen-based business in late 2022, targeting
affluent Chinese investors through digital wealth management
platform WE.UBS.