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UBS announces changes across pair of EM equity funds

UBS announces changes across pair of EM equity funds

UBS Asset Management has changed the manager line-up one of its Luxembourg-domiciled emerging markets equity strategies while closing another, Citywire Selector has learned.

The fund undergoing a portfolio manager change is the UBS Equity SICAV – Emerging Markets Growth, which is managed by US-based Citywire + rated Joseph Devine.

Speaking to Citywire Selector's sister site Citywire Deutschland, a UBS spokesperson said that when the regulator approves the changes, Urs Antonioli, who currently runs a range of EM funds, will replace Devine. Devine has run the fund since 2009.

The spokesperson also said the fund’s investment process will also change. ‘The fund will follow a new strategy called HALO, which stands for High Alpha Long Only.’

Once the new strategy is implemented, the fund will invest in global emerging markets through a fundamental investment process based on bottom-up selection.

‘The strategy follows a focused investment strategy that incorporates the best long-term ideas of an experienced team of emerging markets equity specialists,’ the company said. 'The team takes focused views by exploiting significant price/value discrepancies, unconstrained by the benchmark.’

Meanwhile, the UBS (Lux) Equity SICAV – Emerging Markets Small Caps currently managed by Stephen Derkash was formally closed on February 19. 

It had been expected that the portfolio manager would change from UBS Asset Management Americas to UBS Asset Management Singapore. However, the company has instead opted to liquidate the approach.

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