by swisschambei in Bank / Finance / Insurance
UBS Qianhai Wealth Management Co Ltd, a wholly-owned subsidiary of UBS AG, announced on Monday it received approval from the Shenzhen Securities Regulatory Bureau to take part in securities investment fund distribution, becoming the second wholly foreign-owned institution to obtain a fund distribution license in China. According to the National Enterprise Credit Information Publicity System, UBS Qianhai was established on Feb 12, 2018, with registered capital of 206.25 million yuan ($31.99 million). It is totally controlled by Swiss firm UBS AG and is a wholly foreign-owned enterprise registered in Qianhai, Shenzhen. Shenzhen’s approval document said it should complete preparatory work within six months before starting business. Xu Jianzhou, CEO of UBS Asia Pacific, said hina is an important market for UBS. With China’s financial market continuously opening up and the overall development of the Greater Bay Area, UBS will take this opportunity to provide professional wealth management services and investor education.