Open-ended fund first priority for UBS and Guotai

Beyond this project lie unknowns for UBS Asset Management''s ambitions in China.

UBS Asset Management and its new partner in China, Guotai Fund Management in Shanghai, are basing their relationship around getting Guotai's first open-ended mutual fund launched, according to people familiar with the deal.

The two signed a memorandum of co-operation at the start of the month. As part of the agreement, UBS Asset Management is committed to providing Guotai with technical assistance including product development, while Guotai will help us to develop our brand name recognition and business in China, remarked Fu Teh-hsiu, head of UBS Asset Management's Greater China business in Hong Kong, at the time of the deal's announcement.

Foreign money managers looking for an entrance to China's mutual fund market are limited...

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