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UBS sets eyes on China with potential mutual fund licence application

By Jonathan Easton

Zurich-based UBS is reportedly looking to apply for a mutual fund licence in China.

According to the Wall Street Journal, Switzerland’s largest bank is in informal talks with the China Securities Regulatory Commission (CSRC) about its intentions to apply, with plans to submit the application as soon as possible.

UBS was the first foreign bank operating in China to take majority ownership of its local investment-banking unit following the scrapping of the ownership limit in 2018. Other companies including BlackRock, Goldman Sachs and JPMorgan Chase have since followed suit to grow their business in China.

Receiving a licence in China however can take a long time, with BlackRock taking 18 months from applying to become the first foreign fund manager to set up a wholly owned unit in China to launch.

Elsewhere, reports have emerged that UBS's new head of European government bond Jonas Klink was at the centre of a bidding war before joining the Swiss bank. According to efinancialcareers, the former Citi banker was offered “as high as $2 million” by UBS to secure his signature.

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