The planned exit contrasts with recent expansions in China by its US rivals BlackRock and Fidelity

Chinese are concerned over the uncertain economic outlook with Covid surging and Xi Jinping's "common prosperity" drive to cut income inequality, asset managers say

The new activity will expand a UBS presence in China that already includes a mutual fund joint venture and a private fund business

Chinese fund managers are ranked by performance on an annual, quarterly, and monthly basis, fostering a culture that some analysts say contribute to wild swings in stocks

The first quarter figure is the largest quarterly sum ever and more than double the level seen in the same period a year ago, according to data from Pitchbook

The group has already invested in tech - it owns antivirus pioneer McAfee and software firm Landesk - but it remained unclear when it might make an offer

Newly-registered private funds totalled 95.9 billion yuan ($15.16 billion) in January, down 44% month-on-month, according to AMAC

Despite the slowdown, existing foreign groups applied to launch a new high of 74 funds last year, a 220% jump from 2020