POWERED BY MOMENTUM MEDIA
Standard & Poor's puts two UBS funds 'on hold'
Standard & Poor's Fund Services has placed two UBS funds on hold, which was partly attributed to UBS Global Asset Management's (UBSGAM's) acquisition of ING Investment Management (INGIM).
UBS Global Property Securities Fund and UBS Property Securities Fund (which were previously rated three stars) were given the 'on hold' status following a reshuffle in portfolio and research responsibilities.
David Scott and Patrick Barrett - previously members of the INGIM Australian property securities team - are assuming the management of the funds as well as Australian real estate investment trust research.
Meanwhile, Vinay Narsi, who was covering property securities within UBSGAM, will take on broader industrials coverage.
Jakov Males will relinquish portfolio management of the UBS Property Securities Fund and assume management of its Australian Share Fund from head of Aussie equities Simon Shields.
Shields has assumed portfolio management responsibilities for a number of INGIM-managed Australian equities products.
These appointments are among several changes recently announced as UBSGAM's acquisition of INGIM settles.
S&P will meet with Scott, Barrett, and other senior members to ascertain how the current strategies will be affected and to resolve the ratings of both funds.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
