UBS fund consolidation continues with European equity closure

UBS Global Asset Management is closing its European Equity fund in September due to poor performance and dwindling assets.

The £13m fund has been a fourth quartile performer in the IMA Europe Ex UK sector over one and three years, returning just 19.7% over three years to 19 July versus a sector average of 35.9%. Its small size and disappointing performance record has made the fund uneconomical to run. Paul John Fairbrother, who was lead manager on the fund, will continue to manage a number of pooled and segregated mandates at UBS. UBS has been streamlining its fund range since last year, when it closed its Absolute Return Bond offering and its US 130/30 Equity and Asian Equity funds due to small size a...