UBS Shelves Plan to Launch China Mutual-Fund Business, Bloomberg Reports

Dow Jones04-23

--UBS Group is dialing back plans to launch a wholly owned mutual-fund business in China due to high costs and weak profitability prospects, Bloomberg reports, citing unnamed sources.

--The Swiss banking giant intends to turn to existing joint ventures to expand, and particularly a joint business between Credit Suisse and Industrial & Commercial Bank of China, Bloomberg reports.

--UBS didn't respond to a request for comment from Dow Jones Newswires.

Full story: https://shorturl.at/FOQU1

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

April 23, 2024 05:21 ET (09:21 GMT)

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