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UBS GAM closes Pacific equity fund

UBS GAM closes Pacific equity fund

UBS Global Asset Management has opted to close its Pacific equity fund following a dwindling of investor demand, Citywire Global has learned.  

The fund, which was formally called the UBS (CH) Equity Fund – Pacific fund, was launched in 1969 and was most-recently managed by Shou-Pin Choo.

The fund was taken over by Choo in October 2014 from an Asian equity veteran Yit-Mee Cheah, who retired after 25 years in the fund management industry.

Choo continues to manage other Asia-focused funds at the Swiss asset manager, these include the UBS (CH) Equity Fund – Asia, UBS (Lux) Equity SICAV – Asia High Dividend and UBS (Lux) Key Selection SICAV – Asian Equities funds.

The closed strategy was Swiss-domiciled and invested in developed countries in the Pacific region excluding Japan. The strategy was also diversified across various countries and sectors at the time of closure, with its biggest country allocation being Australia and the biggest sector being financials.

Speaking to Citywire Global, a spokesperson for UBS said the volume of assets in the fund before closure on October 20 sat at €37 million. This was deemed to be below an economically viable level.

‘This is part of our normal product life cycle management,’ the spokesperson said in a statement. ‘We regularly review our product shelf, taking into consideration fund size, client demand and overlap with other strategies, to enable our strongest products to stand out.’

In the three years to the end of September 2015, the UBS (CH) Equity Fund - Pacific fund lost 10.2% in US dollar terms. This compares to a fall of 7% by its Citywire-assigned benchmark, the FTSE World Asia Pacific ex Japan TR USD, over the same timeframe.

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