UBS in talks over renminbi private equity fund - papers

UBS is in talks with the Beijing municipal government on setting up a renminbi-denominated private equity fund as the Swiss bank looks to expand in China.

Financial groups are flocking to launch local currency funds in China because of the stricter regulatory hurdles that surround investments made in foreign currency, The Financial Times reports. The Beijing municipal government is looking at ways of deepening its involvement in private equity and has announced plans to establish an investment fund with Carlyle Group of the US. The municipal government's talks with UBS are at a "preliminary" stage, with no decisions made over structure, size or personnel, according to people familiar with the matter. See story...