UBS Shelves Plan to Launch China Mutual-Fund Business, Bloomberg Reports
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Dow Jones
--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 05:36 ET (09:36 GMT)
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