UBS Asset Management has secured a private-funds license in China, allowing the investment unit to start managing money for mainland institutional and high-net-worth investors in Asia’s largest economy for the first time. The firm’s local unit is the first so-called Qualified Domestic Limited Partner to be granted a license from the Asset Management Association of China, the money overseer said in a statement. It allows the affiliate to offer onshore fixed income, equity, and multi-asset private funds. “China is a key growth market,” Ulrich Koerner, president of UBS Asset Management, said in the statement. “Our goal is to be a...