UBS Asset Management has set up a wholly-owned foreign enterprise (WFOE) in the Shanghai Free Trade Zone to launch private funds in China for investing in overseas markets under the Qualified Domestic Limited Partner (QDLP) scheme.
UBS Asset Management is one of the first international asset managers to participate in the QDLP program. The newly established company, UBS Global Asset Management (Shanghai) Ltd, has an initial QDLP quota of US$100 million and plans to launch its private funds investing in both alternative and traditional asset classes to domestic institutional investors and high-net-worth individuals by the end of 2015.
In 2011, UBS Asset Management set up its first WFOE in Beijing, UBS Global Asset Management (China) Limited. It was the first WFOE to register with the Asset Management Association of China as a private fund manager for real estate, private equities and infrastructure investment.
UBS Asset Management owns 49% of UBS SDIC Fund Management Co. Ltd, the mutual fund house in China which has USD29.8 billion1 of asset under management. It is also an active participant in the Qualified Foreign Institutional Investor (QFII) program and, through UBS SDIC, in the Qualified Foreign Institutional Investors (QDII) program.
"UBS offers a broad range of investment products and capabilities both onshore and offshore. Our participation in the QDLP program enhances the access to the international markets for our Chinese clients," said Xinyuan Ling, China Chairman of UBS Asset Management.
"UBS Asset Management is a leading asset manager in Asia Pacific and China is a significant contributor. The strength of our domestic presence and cross-border investment capabilities in both traditional and alternative asset classes means we are well-positioned to capture opportunities for both institutional and high-net-worth clients as China further opens up," added Rene Buehlmann, Head of UBS Asset Management, Asia Pacific.
