UBS Shenzhen Wealth Unit to Close as China Strategy Shifts

The UBS Shenzhen wealth unit covering fund distribution and the WE.UBS digital platform will close later this month as the Swiss bank adjusts its strategy for wealthy Chinese clients, Reuters reported.

UBS confirmed the closure but said WE.UBS is expected to be renamed and integrated into its Chinese securities business. The bank’s other wealth management platforms in China will continue operating.

Launched in October 2022, WE.UBS struggled to attract sufficient investors in China’s highly competitive fund market, according to people familiar with the business.

Internal competition with other UBS operations also created challenges for the unit, the sources said.

The move comes as international banks reassess their wealth management strategies in China, where domestic and foreign providers face intense competition for affluent and high-net-worth clients.

Despite closing the standalone Shenzhen operation, UBS will retain other platforms serving China’s growing private wealth market.