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UOB Asset Management (Taiwan) obtains Taiwanese SITE licence
UOB Asset Management (UOBAM) (Taiwan) on Thursday announced that it has attained the Securities Investment Trust Enterprise (SITE) licence in Taiwan, which enables it to offer a wider range of investment products such as onshore funds, as well as to provide fund management services for domestic investors.
The licence was awarded by the Financial Supervisory Commission of Taiwan, and it is the first to be obtained by a fully foreign-owned fund management company in Taiwan since 2001.
The extended range of services that the fund manager can now offer includes equity funds focusing on Taiwan, Greater China, Asean and global markets as well as Asian and global bond funds.
"We are confident of the potential of Taiwan's asset management industry. The SITE licence opens up possibilities for growth and allows us to deepen the client relationships that UOBAM already has across Asia," said UOBAM (Taiwan) CEO William Wang.
UOBAM (Taiwan) is a wholly owned subsidiary of UOB Asset Management Ltd (UOBAM). As at Jan 31, 2016, UOBAM manages about US$8.4 billion in clients' assets out of Singapore, as well as 57 unit trusts in Singapore.