Standard & Poor’s Fund Services today placed the UBS Global Property Securities Fund and UBS Property Securities Fund ‘On Hold’.
This follows a change in portfolio and research responsibilities, and is an outcome of UBS Global Asset Management’s (UBS Global AM’s) acquisition of ING Investment Management (INGIM).
David Scott and Patrick Barrett, previously members of the INGIM Australian property securities team, are assuming the management of the UBS Property Securities Fund and, more broadly, A-REIT research for UBS Global AM and UBS Global Real Estate Securities.
Within UBS Global AM, Vinay Narsi, who was covering property securities, will take on broader industrials coverage. Jacov Males will relinquish portfolio management of the UBS Property Securities Fund, and assumes management of the UBS Australian Share Fund from head of Australian equities Simon Shields. Mr Shields has assumed portfolio-management responsibilities for a number of INGIM-managed Australian equities products.
S&P will meet Mr Scott and Mr Barrett shortly, as well as the UBS Global Real Estate Securities team, to ascertain how the current strategies will be affected and to resolve the ratings of both funds.
These appointments are among several changes announced yesterday, following the settlement of UBS Global AM’s acquisition of INGIM. These changes affect both UBS Global AM- and INGIM-managed Australian equities and Australian fixed income strategies. There is no change to S&P’s ratings of these products at this time, with INGIM-managed products remaining ‘On Hold’. We will continue to monitor developments as the integration of the business continues into 2012.
