UBS says its China fund distribution unit will cease business

UBS has said its fund distribution unit in Shenzhen, a city described as a tech hub, will stop selling funds at the close of September. The announcement came on Thursday, and Business Recorder carried the account, which originated with Reuters and was based on an emailed statement from the bank.

Only the Shenzhen unit was named as ceasing business, as UBS said other wealth businesses in China continue to operate as normal. The bank also plans to bring together its relevant resources within China.

For Pakistan Stock Exchange investors, the story concerns a foreign bank's China operations and does not name any company listed on the PSX. The statement does not give reasons for the decision, and the report was datelined Hong Kong and Shanghai.