Swiss fund manager UBS is the latest overseas firm to look into setting up a funds business in mainland China. According to a report in the Wall Street Journal, UBS is in informal talks with the China Securities Regulatory Commission (CSRC) about seeking a mutual fund licence. Should the application prove successful, UBS would join a growing number of global fund managers, including BlackRock and Neuberger Berman, that have either set up wholly-owned mutual fund businesses or taken full control of their joint ventures, set up with Chinese partners. Also, UK-based fund manager Schroders was granted approval to establish a wholly foreign-owned public fund company in China. However, not all firms have been so enthusiastic to establish a presence in mainland China. Just last week, US-based fund manager Van Eck pulled the plug on its plan to establish a wholly-owned mutual funds business in mainland China, citing current US-Sino tensions as well as the impact of Covid-related travel restrictions. UBS is yet to publicly comment on the story. © 2023 funds global asia