Two large global wealth managers have imposed restrictions on staff travel to China after a UBS employee was detained, underlining the challenges of capturing business in a country where fortunes are growing the fastest on the planet.
Bloomberg News reports that UBS has asked some bankers not to travel to China after the incident, according to people with knowledge of the matter who asked not to be identified because the measures aren’t public. Julius Baer also barred trips by its relationship managers to the country, another person said.
Government clampdowns and unexplained absences have unsettled executives plying their trade in China, where even the president of law enforcement agency Interpol isn’t immune from abrupt detention. Meng Hongwei was reported missing this month after being taken into custody upon his arrival from France, according to press reports.
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