China gave UBS approval to acquire the maximum-allowable 49% stake in its joint-venture fund management firm with Shenzhen-based China Dragon Fund Management, becoming the first foreign bank to take advantage of the rules allowing foreign banks to hold a 49% stake in mainland joint venture funds. The UBS SDIC Fund Management, whose other stakeholder is the government holding company State Development Investment Corp, is expected to begin operations within four to six weeks.
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