UBS has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said.
UBS recently decided to keep the ownership and remain in partnership with ICBC, the two people said, asking not to be identified due to the sensitivity of the matter.The Swiss banking behemoth factored in lucrative income that the joint venture brings in, according to one of the people and a third source with knowledge of the matter.
Beijing-headquartered ICBC Credit Suisse, which had 1.72 trillion yuan in assets under management as of end-2022, booked close to 2.7 billion yuan in net profit last year, according to an ICBC disclosure. It may take more than one year for UBS to give a final verdict on the fate of the newly planned fund unit, leaving the staff of close to 60 people facing great uncertainty, one of the first two people said.Reporting by Selena Li in Hong Kong and Samuel Shen in Shanghai; Editing by Devika Syamnath
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