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UBS establishes new asset management unit in China

Swiss bank UBS has established an asset management division in Beijing in a bid to the launch private equity funds in China.

The new asset management business unit called as UBS Global Asset Management China will engage in providing direct private equity investments and other related management as well as advisory services.

Reuters has quoted that UBS China chairman, Xinyuan Ling, said that China’s strong economic growth has positioned the market as one of the most promising emerging markets globally and resulted in a booming domestic equity investment market.

According to Ling the total capital committed to China’s private equity market reached $652bn as of 30 June 2011.

Major financial group such as Morgan Stanley, Goldman Sachs, as well as Blackstone, Carlyle and TPG, had already launched or have plans to set up private equity funds in China.