UBP’s wholly-foreign owned enterprise (WFOE), UBP Overseas Investment Management (Shanghai), has received approval from the Asset Management Association of China (Amac) on Thursday to launch the UBP Yidi Overseas Private Investment Fund, according to Amac’s website.
The fund approval comes after the firm received a QDLP licence in May. When launched, the fund will be the firm’s first QDLP product in China.
The QDLP programme allows foreign managers to raise money in China, with assigned quotas, to invest in offshore traditional and alternative investments, including overseas equity and bond funds, hedge funds and property.
UBP’s WFOE was established in August 2018, with registered capital of $2m, according to Amac records.
FSA contacted the firm for more information but it was not able to provide additional details in time for publication
Other firms that are expected to launch QDLP products this year include Oaktree Capital, Eastspring Investments and Allianz Global Investors. Meanwhile, Franklin Templeton China also received a QDLP license in June.
Separate PFM business
Besides its QDLP business, UBP also runs a separate private fund management (PFM) business in the mainland through jointly-owned UBP Investment Management in Shanghai.
It was set up in 2014 as a joint venture between a group of investment professionals and UBP. With a registered capital of RMB 30m ($4.2m), the firm was registered as a PFM license holder with the Amac in 2015, according to the firm’s website.
The PFM license enables foreign entities to develop and sell funds investing in onshore assets to domestic qualified investors, including institutional and high net worth investors.
UBP Investment Management in Shanghai now manages 30 PFM products, which include equity and quantitative strategies, according to Amac records.
