UBS and MLC property funds 'on hold'
UBS and MLC’s property securities funds have been placed ‘on hold’ by Standard & Poor’s (S&P) Fund Services following the resignations of their chief investment officer and portfolio manager, respectively.
Bruce Ebnother, chief investment officer for UBS Global Real Estate Securities (GRES), will leave the organisation after he transitions his responsibilities to the new chief investment officer, Mark Thorpe-Apps.
S&P also decided to keep the UBS Global Property Securities ‘on hold'. It was initially placed 'on hold' in November 2009.
Kelly Napier, S&P Fund Services analyst, said Ebnother’s departure represents the most significant change to UBS’s GRES team over the past 18 months.
“We consider Ebnother’s departure a material loss given his leadership role, market experience and involvement in building up the real estate securities capability over many years.
She added S&P is currently conducting an international property securities sector review and will endeavour to meet with Thorpe-Apps to resolve the rating for the global fund.
The UBS Property Securities Fund will be revisited by S&P later in the year.
At the same time, MLC’s portfolio manager for global equities and property, Paul Duncan, announced he would leave the company.
MLC’s property securities funds will remain ‘on hold’ pending S&P’s review once a permanent portfolio manager has been appointed.
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