UBS AM points to hurdles in creating IM WFOEs

Foreign asset managers are finding it hard to create investment management wholly foreign-owned enterprises (IM WFOEs) to operate private funds in China because the country’s securities regulator hasn’t issued implementation details, according to a senior executive from UBS Asset Management. The Swiss fund manager is keen to adapt one of its two existing WFOEs into the structure, but current rules are not sufficiently clear to be certain that this will be allowed, said Aries Tung,…