Reuters
Exclusive: UBS in talks with China Life for China asset management JV – sources
UBS Group AG is in talks with China Life Insurance Group to launch an asset management joint venture in China, two sources said, as part of the Swiss bank’s plan to bolster its presence in the world’s second-largest economy. UBS will hold a majority stake in the business unit, which, if finalised, will be China’s first foreign majority-owned asset management joint venture with an insurer since it permitted majority foreign holdings in such partnerships in 2019. China Life and UBS have signed a memorandum of understanding to set up the joint venture, the formal launch of which will be subject to approval from the China Banking and Insurance Regulatory Commission (CBIRC), said one of the sources.
