UBS Global Asset Management has finally launched its retail investment division and will open three ...
UBS Global Asset Management has finally launched its retail investment division and will open three of its planned retail funds to the market on June 28.
Despite a sudden loss of key individuals, UBS has pushed on with its plans and is launching its UK Select, Global Optimal and Managed funds first, all of which are to be run by loyal UBS staff.
It looked only a few weeks ago as though UBS' entry into the UK retail market might be on hold after two of its team, Hugh Sargeant who was head of UK equities, and Harinder Sandhu, head of specialist UK equities, left to join SG Asset Management's institutional business.
Paul Fairbrother, who has nine years experience with UBS Global Asset Management, will manage the UK Select fund, backed by a team of 19 UK equity analysts.
Wilson Phillips has 20 years experience at UBS Global Asset Management so has been given the task of heading up the Global Optimal Fund, backed up by a team of 86 equity analysts in 10 different countries and focusing on 13 sectors.
David Moylett heads up the Managed fund, with five years experience at UBS Global Asset Management.
At least twelve funds will eventually make up the UBS Global Asset Management retail sector, and plans to launch over the next three years. More funds are planned for launch in September 2002.
Minimum investment on all three funds is £1,000 or £50 per month, and carries an initial charge of 4% and 1.5% annual management charge.
Intermediary commission is 3% with 0.5% trail fee.
All three funds qualify for ISA status and will carry a 1% discount off the initial 4% until 12th July.
UBS Global Asset Management is the largest fund manager to enter the UK retail market this year, with assets under management of £283 billion around the globe.
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