UBS AM wins China PFM licence, more imminent

UBS Asset Management yesterday became the second foreign fund house to obtain a private fund management (PFM) licence in China – but it has taken a different route to do so than Fidelity, the first to win approval. At least two other asset managers are close to obtaining a PFM licence, said a Shanghai-based source familiar with the process. Meanwhile, some applications have outstanding issues that the fund houses need to iron out with the regulator, added the unnamed individual, a…