Other UBS wealth management platforms in China will be unaffected, the report said.

UBS is reportedly closing its fund distribution business and digital platform in Shenzhen, China. 

The Swiss banking group confirmed yesterday to the news service that the unit will shut later in September. 

WealthBriefingAsia has contacted UBS for comment and may update this article in due course.

A Reuters report said the platform is expected to be renamed and integrated into UBS’s Chinese securities business. Other wealth management platforms in China will be unaffected.

The bank has, the news service said, struggled to attract investors in a ‌market already overcrowded with rivals. UBS opened the Shenzhen-based business in late 2022, targeting affluent Chinese investors through digital wealth management platform WE.UBS.