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UBS pulls plug on fund sales on a wealth platform in China amid stiff competition
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Themis QiPublished: 4:12pm, 10 Sep 2026Updated: 4:16pm, 10 Sep 2026
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 strategically”, as the country was still a key market.
The confirmation came after reports that WE.UBS, a wealth-management platform operated by the Shenzhen unit, was facing operational challenges and would be shut down.
The move resulted from fierce competition in fund sales from rivals in mainland China, including those who were “originally built on online channels”, said two people familiar with the matter.
UBS was giving up on the WE.UBS platform, and began the adjustment a few months ago, with redemption of funds to clients still taking place, one source said. The change could involve around 200 employees, with some to be transferred to other UBS entities, the source added.
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