UBS Aussie bond fund 'on hold'
Standard & Poor's (S&P) Fund Services has placed UBS Australian Bond Fund 'on hold' after portfolio manager Adam Bowe announced he was leaving the firm.
Taking his place is senior portfolio manager Tim van Klaveren, who will be returning to Australia in late March following seven years with the UBS global fixed-income team in London.
S&P Fund Services will exclude the UBS offering from its annual review of Australian fixed-interest managers until they meet with van Klaveren on April 8 to resolve the fund's 'on hold' status.
"The ability of UBS to tap their global talent pool and shift portfolio-management responsibilities to van Klaveren is viewed in a positive light," said S&P Fund Services analyst David Erdonmez.
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