SHANGHAI, July 31 (Reuters) - Swiss private bank Union Bancaire Privee (UBP) expects its China asset management business to double in size by the end of this year as it speeds up the expansion to capture wealthy Chinese, a senior UBP executive said.
UBP set up the asset management joint venture in China in late 2014, aiming to grow the presence of the company in the Asian market. The firm currently manages $400 million.
"If the market now is stabilizing, I think we can probably easily double (the business) by the end of the year," Nicolas Faller, executive managing director of institutional clients at UBP, told Reuters in an interview.
The company also entered the Chinese wealth management market through a partnership with Noah Holdings Ltd, a U.S.-listed Chinese wealth management firm.
Under the partnership, UBP will give Noah the access to its research database and help serve high net-worth clients who are seeking to allocate more assets in the global market.
The Shanghai-based joint venture expects to obtain the RMB Qualified Foreign Institutional Investor (RQFII) licence from Chinese regulator in October, UBP's Faller said.
RQFII is a cross-border investment scheme under which foreign investors with offshore yuan holdings can invest in China's securities market.
"With the licence, we will sell (our products) in Hong Kong and the rest of Asia as well, even in Japan," said Faller.
(Reporting by the Shanghai Newsroom; Editing by Gopakumar Warrier)