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UBS Asset Management launches onshore Chinese renminbi fund

UBS Group AG unit UBS Asset Management launched an "undertakings for collective investment in transferable securities," or UCITS, fund denominated in onshore Chinese renminbi, Citywire reported March 15, citing the Swiss group.

UBS (Lux) Bond SICAV - China Fixed Income (RMB) is an open-end fund incorporated in Luxembourg and is the first such fund to invest in onshore fixed-income Chinese securities. The fund is managed by pan-Asia fixed income head Ashley Perrott.