ICBC UBS Asset Management

ICBC UBS Asset Management is a Chinese investment-management company established in 2005 as a joint venture involving Industrial and Commercial Bank of China, Credit Suisse, and COSCO. It originally operated under the name ICBC Credit Suisse Asset Management, commonly abbreviated as ICBCCS, and was created during a period when China was expanding the role of professionally managed mutual funds and developing arrangements that enabled domestic financial institutions to work with international asset managers. The company began with ownership divided among ICBC, Credit Suisse, and COSCO, with ICBC holding the majority stake. It formally commenced operations in July 2005 and introduced its first equity mutual fund shortly afterward. The initial product was the Core Value Equity Fund, which marked the company’s entry into China’s growing public-fund market. Its early development was affected by weak equity-market conditions and declining investor demand for stock funds, but the business subsequently became profitable and expanded its investment-management activities. A significant ownership change occurred after COSCO encountered financial pressure related to the shipping downturn. In 2009, COSCO offered its interest for sale through the China Beijing Equity Exchange. The transaction was completed in 2011, when ICBC acquired COSCO’s 20 percent holding as well as an additional 5 percent from Credit Suisse. This raised ICBC’s interest in the fund manager to 80 percent and reflected a wider trend toward greater domestic ownership of Chinese financial joint ventures. The company broadened its international reach in 2012 through the establishment of ICBC Credit Suisse Asset Management (International) in Hong Kong. The international subsidiary was licensed by Hong Kong’s Securities and Futures Commission and provided a platform for cross-border investment-management and related activities. Credit Suisse’s acquisition by UBS changed the identity of the company’s foreign partner. In 2023, UBS announced that it would not proceed with plans for a separate new fund-management unit in China and would instead retain its ownership interest in the existing ICBC Credit Suisse platform. Chinese rules limiting the number of fund-management companies that a single institution may own were an important factor in that decision, because UBS already had interests in both ICBC Credit Suisse Asset Management and UBS SDIC Fund Management. In June 2025, the company changed its name to ICBC UBS Asset Management, aligning its brand with UBS following UBS’s takeover of Credit Suisse. The renamed business remains focused on asset management in China, with its history combining ICBC’s domestic distribution and institutional capabilities with the international investment-management heritage of Credit Suisse and UBS. Publicly available reference material does not establish a complete current product catalogue, assets-under-management figure, executive roster, or standalone corporate website, so those details are left unspecified here.

ICBC UBS Asset Management was established in June 2005 as ICBC Credit Suisse Asset Management. Its original shareholders were Industrial and Commercial Bank of China, Credit Suisse, and COSCO, holding 55 percent, 25 percent, and 20 percent respectively. The company was formed as part of the development of China’s professional fund-management industry and operated in the context of the country’s Qualified Domestic Institutional Investor framework. The business formally launched on 5 July 2005. Later that month it introduced the Core Value Equity Fund, its first equity fund. The company’s early performance was affected by a difficult market environment. Demand for equity mutual funds in China had weakened after poor stock-market returns, and the business experienced a substantial reduction in assets during its first year. Despite these initial difficulties, it later became profitable and continued to develop as a domestic asset manager. In 2009, COSCO decided to sell its 20 percent interest after suffering losses linked to falling shipping rates. The stake was offered through the China Beijing Equity Exchange between September and November. Regulatory requirements limited the pool of eligible purchasers, and ICBC was eventually selected to acquire the interest. The transaction was completed in November 2011, when ICBC bought COSCO’s 20 percent stake and an additional 5 percent from Credit Suisse. ICBC’s ownership therefore increased to 80 percent, giving the Chinese bank substantially greater control of the joint venture. The company expanded its cross-border presence in February 2012 by creating ICBC Credit Suisse Asset Management (International) in Hong Kong. The entity received authorization from Hong Kong’s Securities and Futures Commission and served as the group’s international asset-management platform. Credit Suisse’s acquisition by UBS in 2023 created a new ownership and branding context. UBS had already established a presence in China through more than one fund-management business. After the acquisition, UBS abandoned plans to establish another new fund unit in China and chose to maintain ownership of the existing ICBC Credit Suisse business. The decision was consistent with Chinese restrictions on the number of fund-management companies that one institution may own. In June 2025, the company changed its name to ICBC UBS Asset Management. The new name reflects the replacement of Credit Suisse by UBS as the relevant international financial-group partner while preserving the company’s long-standing association with ICBC. Its principal identity remains that of a China-based asset manager offering fund and investment-management services, although detailed information about its current product range, leadership, financial performance, and assets under management is not established by the supplied reference material.

• 2025

  Company renamed ICBC UBS Asset Management

  [1]ICBC UBS Asset Managementen.wikipedia.org

  The company adopted its current name to reflect UBS’s succession to Credit Suisse’s role.

• 2023

  UBS retains the existing China platform

  [1]ICBC UBS Asset Managementen.wikipedia.org

  Following the Credit Suisse acquisition, UBS retained its ownership of the existing joint venture rather than creating another planned China fund unit.

• 2012

  Hong Kong international subsidiary launched

  [1]ICBC UBS Asset Managementen.wikipedia.org

  The company established ICBC Credit Suisse Asset Management (International) in Hong Kong under Securities and Futures Commission regulation.

• 2011

  ICBC becomes the 80 percent shareholder

  [1]ICBC UBS Asset Managementen.wikipedia.org

  ICBC completed purchases from COSCO and Credit Suisse, increasing its ownership to 80 percent.

• 2009

  COSCO puts its stake up for sale

  [1]ICBC UBS Asset Managementen.wikipedia.org

  COSCO initiated the sale of its minority interest through the China Beijing Equity Exchange.

• 2005

  Joint venture established

  [1]ICBC UBS Asset Managementen.wikipedia.org

  ICBC, Credit Suisse, and COSCO established ICBC Credit Suisse Asset Management with ICBC as the majority shareholder.

• 2005

  Operations and first fund launched

  [1]ICBC UBS Asset Managementen.wikipedia.org

  The company began operations in July and launched the Core Value Equity Fund as its first equity mutual-fund product.

A China-focused asset manager combining ICBC’s domestic banking and distribution network with the international investment-management capabilities historically associated with Credit Suisse and now UBS.

• Equity mutual fund · 2005

  Core Value Equity Fund

  The Core Value Equity Fund was the company’s first equity fund and was launched shortly after the joint venture began operations in July 2005. Its introduction established ICBC Credit Suisse Asset Management as a participant in China’s public mutual-fund market.

• 2018

  Ex-ICBC Credit Suisse trading room deputy head Hu Tuofu profited RMB 41.86 million from "rat trading," final ruling imposes 7 years and RMB 90 million fine

  From 2012 to 2015, Hu Tuofu used non-public information obtained through his position to conduct convergent trading and made a profit of RMB 41.86 million; the second-instance court sentenced him to 7 years in prison and a fine of RMB 90 million. Previously, fund manager Wang Yong made more than RMB 2.49 million from "rat trading," received a suspended sentence and a fine of RMB 2.5 million. Status: court judgment. Entities involved: Hu Tuofu, Wang Yong, ICBC Credit Suisse Fund Management Co., Ltd. Scope: fund industry personnel.

  Source

Read more

• 2025

  Brand renamed after UBS’s acquisition of Credit SuisseOther

  Background

  UBS became the successor group to Credit Suisse following its acquisition of the bank.

  Action taken

  ICBC Credit Suisse Asset Management changed its name to ICBC UBS Asset Management.

  Aftermath

  The new name aligns the asset manager with UBS while retaining the ICBC association that has defined the business since its formation.

  Source

• 2023

  UBS abandons planned additional China fund unitStrategy

  Background

  After acquiring Credit Suisse, UBS already had interests in two Chinese fund-management businesses, and Chinese regulations limited the number of such firms one institution could own.

  Action taken

  UBS halted plans for a new fund-management unit in China and retained its ownership of ICBC Credit Suisse Asset Management.

  Aftermath

  The existing joint venture became the continuing platform associated with UBS and was later renamed ICBC UBS Asset Management.

  Source

• 2011

  ICBC acquires additional ownershipM&A

  Background

  COSCO sought to exit its minority holding after pressure associated with the shipping downturn, while Chinese rules constrained the class of eligible purchasers.

  Action taken

  ICBC acquired COSCO’s 20 percent interest and 5 percent from Credit Suisse, raising its ownership to 80 percent.

  Aftermath

  The transaction increased domestic control of the joint venture and illustrated the consolidation of ownership in China’s fund-management sector.

  Source

1. 1ICBC UBS Asset Managementen.wikipedia.org
2. 2Ex-ICBC Credit Suisse trading room deputy head Hu Tuofu profited RMB 41.86 million from "rat trading," final ruling imposes 7 years and RMB 90 million finethepaper.cn
3. 3Ex-ICBC Credit Suisse trading room deputy head Hu Tuofu profited RMB 41.86 million from "rat trading," final ruling imposes 7 years and RMB 90 million finefinance.caixin.com
4. 4Ex-ICBC Credit Suisse trading room deputy head Hu Tuofu profited RMB 41.86 million from "rat trading," final ruling imposes 7 years and RMB 90 million finem.21jingji.com