Standard and Poor’s (S&P) has withdrawn its second rating on a UBS Global Asset Management fund in four days.
S&P has withdrawn its rating on the UBS Global Infrastructure Securities Fund, following notification from UBS that the fund is to be terminated.
This follows the recent rating withdrawal for the UBS Credit Enhanced Cash Fund, which is also to be terminated.
A spokesperson for UBS said the Infrastructure Securities Fund was terminated as a result of a lack of expansion in the listed infrastructure space.
S&P fund services analyst Leanne Fook said the financial markets have been challenging for managers and have caused a rationalisation of product offerings that lack sufficient scale.
However, the international infrastructure sector is generally experiencing reasonable growth and investors are continuing to express strong interest in a sector that should be somewhat insulated from economic slowdowns, Fook said.
Meanwhile, a spokesperson for UBS said there was no correlation between the termination of the two funds.
