12:30 PM EDT, 04/18/2024 (MT Newswires) -- UBS (UBS) is shutting down up to 17 of its China equity and bond private funds and will soon start laying off about a third of staff at its UBS Asset Management Shanghai unit, Reuters reported Thursday.

The firm is seeking to cut operating costs in China and plans to focus on alternative strategies and to expand private funds investing in overseas markets, the report said, citing people with direct knowledge of the matter.

Without confirming the fund closures or the layoffs, A UBS spokesperson told Reuters that "China remains a key market for UBS, and we will continue to invest strategically."

UBS did not immediately reply to MT Newswires' request for comment.

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