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

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...