UBS small cap on hold after executive departure
UBS Global Asset Management (UBS) is the latest investment manager to lose key small cap personnel after the loss of its emerging companies fund portfolio manager Michael Cowin.
The departure of Cowin has resulted in a ratings downgrade from ‘competent’ to ‘on hold’ from ratings house Assirt Research, which has just recently completed its review of the small cap sector.
UBS chief executive Colin Woods says Cowin had been with the group for the past six years, and had previously worked in the large cap sector for UBS.
The group is in the process of recruiting a replacement for Cowin and according to Woods an announcement will be made by the end of the week.
In the interim, UBS has reassigned Mark Buizen from its large caps team to work alongside small cap analyst Kuan Yu Oh and cover the portfolio management responsibilities.
Assirt says it will review the rating once UBS announces the appointment of it’s new portfolio manager.
Other small cap managers to jump ship in recent times include BT Financial Groups’ Matt Riordan who left to join boutique small caps firm Paradice Coopers as a portfolio manager.
Last month AMP lost small caps portfolio manager Chris Cahill and most recently, Macquarie Funds Management lost two key personnel to ING Australia, with Issam Eid and Steven Ng crossing over last week also resulting in being put 'on hold' by Assirt.
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