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Top related persons:
Selena Li - 1 Samuel Shen - 1 Devika - 1
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HONG KONG China Swiss Beijing Hong Kong Shanghai
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UBS - 1 Credit Suisse - 1 UBS SDIC Fund Management - 1 ICBC - 1 Asset Management - 1 Industrial - 1 Commercial Bank of China - 1 ICBC Credit Suisse - 1

Search resuls for: "Selena Li Samuel Shen"


3 mentions found


☆ UBS shelves plan for new China fund unit, takes over Credit Suisse joint venture, sources say
  + stars: | 2023-07-11 | by ( Selena Li Samuel Shen | Selena Li | Samuel Shen | ) www.reuters.com   time to read: +2 min
HONG KONG, July 11 (Reuters) - UBS (UBSG.S) has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said. Suspending its original plan was mainly due to China's regulation that stipulates any company can own no more than two fund management firms in the market, the people said. UBS already owns 49% of fund firm UBS SDIC Fund Management in China, while its emergency takeover of rival Credit Suisse in mid-June left the bank with a 20% stake in ICBC Credit Suisse Asset Management - a joint venture with the world's largest lender Industrial and Commercial Bank of China (ICBC) (601398.SS). Credit Suisse, UBS and ICBC Credit Suisse declined to comment. The Swiss banking behemoth factored in lucrative income that the joint venture brings in, according to one of the people and a third source with knowledge of the matter.
Persons: Selena Li, Samuel Shen, Devika Organizations: UBS, Credit Suisse, UBS SDIC Fund Management, ICBC, Asset Management, Industrial, Commercial Bank of China, ICBC Credit Suisse, Thomson Locations: HONG KONG, China, Swiss, Beijing, Hong Kong, Shanghai
☆ U.S. asset manager Van Eck to abort mutual fund plan in China -sources
  + stars: | 2023-02-15 | by ( Selena Li Samuel Shen | Selena Li | Samuel Shen | ) www.reuters.com   time to read: +2 min
The withdrawal is the first by a foreign asset manager that has submitted an application for a China mutual fund license, as rising Sino-U.S. tensions cloud the prospects for foreign businesses in the world's second-biggest economy. China in 2020 removed foreign ownership caps in its mutual fund industry, allowing global asset managers such as BlackRock and Fidelity to set up fully owned retail fund units. It’s not publicly known how much the firm had planned to invest in the China business. Richard Tang, who was hired to lead Van Eck's China mutual fund unit, is on leave but has not officially terminate his role within the company, according to two sources. China only saw 1.8% growth in the size of its mutual fund market last year, ending a years-long streak of double-digit annual expansion.
☆ Exclusive: China to unveil new rules to rein in fund 'greenwashing' -sources
  + stars: | 2022-12-21 | by ( Selena Li Samuel Shen | Selena Li | Samuel Shen | ) www.reuters.com   time to read: +3 min
Companies BlackRock Inc FollowHONG KONG/SHANGHAI, Dec 21 (Reuters) - China plans to tighten rules to regulate environmentally friendly, or so-called green funds, as part of its efforts to rein in 'greenwashing' in the world's second-largest climate fund market, sources with direct knowledge of the matter said. At present, China's green funds only operate within broad investment guidelines that came into effect in 2018 and do not have a mandatory labelling regime. China overtook the United States last year to become the second largest climate fund market globally after the European market, according to Morningstar, which compiles global ESG fund data. In the first nine months of this year, 43 climate-themed funds debuted in China, a 30% rise in total number of products from end-2020. AMAC's draft rules borrow from the 2021 version of China's green bond catalogue, a quasi scheme of classification, to define green assets.
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