--UBS Group is dialing back plans to launch a wholly owned mutual-fund business in China due to high costs and weak profitability prospects, Bloomberg reports, citing unnamed sources.

--The Swiss banking giant intends to turn to existing joint ventures to expand, and particularly a joint business between Credit Suisse and Industrial & Commercial Bank of China, Bloomberg reports.

--UBS didn't respond to a request for comment from Dow Jones Newswires.


Full story: https://shorturl.at/FOQU1


Write to Adria Calatayud at adria.calatayud@wsj.com


(END) Dow Jones Newswires

04-23-24 0536ET