UBS has announced that it will shut down its fund‑distribution business on one of its mainland China wealth‑management platforms as part of a “business integration plan” aimed at optimizing the bank’s wealth‑management operations.
Under the plan, UBS Fund Distribution (Shenzhen), known as UBSFS, will cease all fund‑sales activities—including fund subscription and fund switching—by the end of September. The decision follows reports that the WE.UBS platform, operated by the Shenzhen unit, has been facing operational challenges and is slated for closure.
UBS said it remains “committed to China” and will continue to invest strategically in the country, which it describes as a key market. The move comes amid intense competition from rivals in mainland China, many of whom were originally built on online channels, according to sources familiar with the matter.
UBS has begun the adjustment process a few months ago, with fund redemptions still being processed for clients. Some employees affected by the shutdown are expected to be transferred to other UBS entities in mainland China.
Source: South China Morning Post, reporting on UBS’s statement.
Article and image source: scmp.com
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