The firm is looking to exploit the Chinese financial market.

UBS Asset Management’s wholly foreign-owned enterprise, UBS Asset Management (Shanghai), has been granted a private fund management licence from the Asset Management Association of China.

The licence will allow the firm to offer onshore fixed income, equity and multi-asset private funds to both institutional and high net worth investors in China, the firm said in a statement.

The firm is looking to exploit the China market, which is going from strength to strength, as a report by China Merchants Bank and Bain & Co, reported in June that the number of high net worth individuals with at least $1.5 million of investable assets increased dramatically from 180,000 in 2006 to 1.6 million in 2016.

"China is a key growth market for UBS Asset Management,” said Ulrich Koerner, president of UBS Asset Management. “Our goal is to be a leading asset manager in China for both onshore and offshore investors and a strong partner to Chinese clients investing overseas."