UBS (NYSE: UBS) Could Create New Renminbi Fund: The Financial Times

As the bank looks to increase its presence in China, UBS (NYSE:UBS) may create a renminbi-focused private equity fund and is holding discussions with Beijing's municipal government on the matter, according to a report from the Financial Times.

The Financial Times also said the talks have come as the local government is eager to boost its involvement in private equity.

The FT said UBS was already planning on creating a fund with Carlyle Group.