UBS Asset Management Shanghai will soon start laying off around one-third of its team of 50.: HONG KONG - UBS is shutting down some of its China private funds business and will lay off one-third of the staff as the Swiss bank cuts operating costs in the country, said three sources with direct knowledge of the matter. UBS will shut up to 17 of its equity and bond private funds and return the money to the investors, out of 19 funds launched since the private fund management unit started in 2016, said two of the three sources.