(Yicai) June 13 -- Industrial and Commercial Bank of China, the country’s biggest lender, announced the official name change of its fund management joint venture, in which its partner is now Swiss investment bank UBS.

The name has been changed to ICBC UBS Asset Management from ICBC Credit Suisse Asset Management, the Beijing-based bank said today, reflecting the fact that UBS bought Credit Suisse in 2023 and took over its 20 percent stake in the JV.

ICBC remains the JV’s largest shareholder with an 80 percent stake, and the name change is not expected to lead to any substantial alteration in personnel or operations. One change is that Hu Zhiyu, president of UBS Group China, has been named on the list of directors.

Founded in June 2005, ICBC Credit Suisse AM was one of the first bank-based fund managers in China. According to financial data provider Wind, the company managed a total of 257 funds as of the first quarter of this year, with a total net asset value of CNY792.8 billion (USD110.4 billion), ranking 13th in the industry.

UBS signed a non-bonding agreement with ICBC in 2023, saying the two firms would explore collaboration in China and overseas markets.

The Swiss bank already had a mutual fund JV and a private fund business in China, but has long been eager to expand its operations in the country. In January this year, UBS announced plans to deepen its partnership with ICBC.

Editor: Tom Litting