UBS seeking to apply for mutual fund license in China - report

Swiss-headquartered UBS Group is looking to apply for a mutual fund license in China, the Wall Street Journal has reported today (23 February).

The Swiss bank is in informal talks with the China Securities Regulatory Commission (CSRC) about its intention to apply, it  said citing people familiar with the matter. 

UBS plans to submit the application "as soon as possible", the report added. 

UBS Asset Management has been on the ground in China for 20 years and is one of the earliest foreign investors there.

Since 1997, it has invested in building up its physical presence and the bench strength of the various investment teams.