UBS Shuts Down Fund Unit in Shenzhen
UBS is closing a unit in the Chinese city of Shenzhen. Through its digital platform WE.UBS, the Swiss banking giant had been targeting wealthy Chinese clients.
UBS is shutting down its fund distribution business and digital platform WE.UBS in Shenzhen, China. Reuters reported the move. UBS confirmed to the news agency on Thursday that the business will be closed later this month.
According to the report, the WE.UBS digital platform is expected to be renamed and integrated into UBS’s Chinese securities business. The bank’s other wealth management platforms in China will continue operating unchanged.
The unit has struggled to attract enough investors in China’s highly competitive fund market since its launch in October 2022, according to people familiar with the matter. Competition within the bank itself also posed challenges for the unit.
