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Themis Qi

UBS plans to shut down its fund-distribution business on one of its mainland China wealth-management platforms, as it faces intense competition.
As part of a “business integration plan”, UBS Fund Distribution (Shenzhen), known as UBSFS, would cease its fund sales business, including fund subscription and fund switching, at the end of September, the Swiss bank said in a statement to the South China Morning Post.
UBS added that it remained “committed to China” and would “continue to invest strategically”, as the country was still a key market.
The confirmation came after reports that WE.UBS, a wealth-management platform operated by the Shenzhen unit, was facing operational challenges and would be shut down.
The move resulted from fierce competition in fund sales from rivals in mainland China, including those who were “originally built on online channels”, said two people familiar with the matter.
UBS was giving up on the WE.UBS platform, and began the adjustment a few months ago, with redemption of funds to clients still taking place, one source said. Some of the employees affected would be transferred to other UBS entities in mainland China, the source added.
The platform’s assets under management were relatively low, and the closure was expected to have a limited impact on the bank’s mainland wealth-management business, said another person familiar with the matter, adding that two other UBS entities in mainland China also distributed funds and served high-net-worth individuals.
In the statement, UBS said that UBS Securities – its brokerage unit in mainland China – was “exploring opportunities to further strengthen its wealth-management presence in the Greater Bay Area”.
“With the vision to become the leading international wealth manager in the Chinese market, UBS will integrate its relevant businesses and resources in China, including optimising the wealth management-related business structure and enhancing synergies,” the bank said.
Assets from the Greater Bay Area – an economic area comprising Hong Kong, Macau and nine cities in Guangdong province, including Shenzhen – accounted for nearly one-third of UBS’s total assets under management in Asia, the bank said in May.
Launched in October 2022, WE.UBS was regarded as China’s first digital-led wealth-management platform operated by a global wealth manager. The bank touted its ability to get new clients on board in only three minutes via a mobile app.
UBS said that 90 per cent of the funds offered on the WE.UBS platform achieved positive performance last year. The platform’s service accounts on WeChat have not published new posts since December 19.
UBS is not alone in adjusting its mainland business in recent years. Citigroup, for example, sold its retail wealth-management portfolio in mainland China to HSBC in 2023.


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Change is part of ‘business integration plan’ aimed at ‘optimising’ the wealth-management business, Swiss bank says


Change is part of ‘business integration plan’ aimed at ‘optimising’ the wealth-management business, Swiss bank says.


UBS pulls plug on fund sales on a wealth platform in China amid stiff competition

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Change is part of ‘business integration plan’ aimed at ‘optimising’ the wealth-management business, Swiss bank says

Change is part of ‘business integration plan’ aimed at ‘optimising’ the wealth-management business, Swiss bank says