UBS is selling a partial stake in one of its securities joint ventures to Beijing State-owned Asset Management (BSAM) as it consolidates operations in China post-Credit Suisse merger. Founder Securities will offload its entire 49% stake in the joint venture for CNY885m (USD122m). UBS is selling a 36.01% stake to BSAM for USD91.4m. The sale follows UBS’s search for a buyer after inheriting ownership from Credit Suisse. UBS also owns 67% of another joint venture, UBS Securities, with the remaining 33% held by BSAM. Chinese regulations prohibit any entity from having more than one majority-owned securities firm, necessitating the sale. UBS plans to boost ownership in UBS Securities, requiring BSAM to auction some holdings.