UBS drops plan for new China fund unit, takes over Credit Suisse JV

UBS drops plan for new China fund unit, takes over Credit Suisse JV

FILE PHOTO: The logo of Swiss bank UBS is seen at the company's office at the Bahnhofstrasse in Zurich in this July 1, 2009 file photo. REUTERS/Arnd Wiegmann

UBS has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said.