Swiss bank UBS closes China private funds, lays off one-third of staff, and shifts focus to funds of funds and overseas markets.

Swiss bank UBS is shutting down some China private funds, laying off one-third of staff, and focusing on alternative strategies like funds of funds and overseas markets. The move highlights challenges for foreign asset managers in China, facing cost pressures, local competition, and slow Chinese market returns. UBS Asset Management Shanghai's headcount will decrease from 50 to 33.

April 18, 2024
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