UBS Global Asset Management, Goldman Sachs and other foreign financial institutions are looking into whether they can participate in China's "collective investment management" schemes. The first CIMs appeared three years ago. Roughly 70 CIM platforms are operated by a couple of dozen local brokerages, with $16 billion in total assets under management. So far, Chinese regulators have not approved the launch of a CIM by a foreign securities firm, but Goldman and UBS are exploring how they might be able to participate.

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