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UBS GAM merges away second regional fund in quick succession

UBS GAM merges away second regional fund in quick succession
  • UBS Global Asset Management has merged away a Taiwan-focused equity fund following fall in assets, Citywire Global has learned.

The UBS (Lux) Equity Fund – Taiwan, which was originally launched in 1998, has been rolled into the UBS (Lux) Equity SICAV – Asian Smaller Companies, which is overseen by Citywire AAA-rated Raymond Wong.

The merged Taiwanese fund was a Luxembourg-domiciled strategy and invested across different sectors in Taiwanese shares. 

The receiving fund UBS (Lux) Equity SICAV – Asian Smaller Companies is designed for investors with a high risk tolerance that want to profit from the growth potential of Asian smaller companies or  diversify their Asian equity exposure.

According to the September factsheet, exposure to Taiwan in the broader Asia fund made up 19.6% of assets, which accounts for an overweight of nearly four percentage points. The second biggest position in the strategy is Taiwanese producer of molded and woven hook and loop tapes, Taiwan Paiho Limited.

Shou-Pin Choo, who ran the merged Taiwan equity strategy since 2004, 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.

However, this marks the second fund in quick succession to be closed or merged which Choo had overseen, with the Swiss-domiciled UBS (CH) Equity Fund - Pacific having been closed this month.

According to Lipper data, the Taiwan fund had €25 million in assets under management at the end of September 2015. It had peaked at $264 million in assets in May 2008.

‘This decision was taken due to the low demand for UBS (Lux) Equity Fund – Taiwan,’ said the UBS spokesperson in a statement to Citywire Global.

Over the three years to the end of September 2015, the UBS (Lux) Equity Fund - Taiwan fund returned 4.13%, which compares to a rise of 4.11% by the TAIEX TR, its Citywire-assigned benchmark, over the same period. Both results measured in US dollar terms.

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