UBS Asset Management announced on Thursday that it has created an wholly-owned foreign entity in the Shanghai free trade zone to raise private funds in China to invest overseas via China's Qualified Domestic Limited Partner (QDLP) program.
UBS said the new company, one of the first batch of QDLP participants, has been given an initial quota of 100 million U.S. dollars to tap high net-value Chinese individuals and institutional investors.
First introduced in Shanghai in 2012, the QDLP scheme allows foreign asset management companies to raise money onshore to invest in offshore capital markets, including private equity.
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