UBS to launch private equity funds in China
UBS has set up an asset management unit in Beijing that will target private equity, Reuters reported. The unit, known as UBS Global Asset Management (China), will launch private equity funds, make direct investments and provide management and advisory services, the bank said.
Morgan Stanley launched its China private equity unit in May, aiming to raise a debut fund of RMB1.5 billion ($230 million). Goldman Sachs is said to have plans for a RMB5 billion fund. The likes of Blackstone, Carlyle and KKR have also announced plans for China-based private equity funds.
UBS already has an on-the-ground presence in China through UBS Securities, a joint venture in which it holds a minority stake of 20% but retains management control. UBS Securities came into being following the restructuring of defunct local brokerage Beijing Securities. It was registered in December 2006 with a registered capital of RMB1.49 billion ($231 million).
UBS Securities' operations focus on investment banking, equities, fixed income, wealth management and asset management.
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