UBS to close US 130/30 and Asian Equity OEICs

UBS Asset Management is to close its US 130/30 Equity fund, as well its Asian Equity fund, due to the uneconomical size of both portfolios.

The group will close the £2m US 130/30 Equity fund run by Thomas Digenan (pictured), as well as Yit-Mee Cheah's £3m Asian Equity fund, on 30 November. UBS will offer investors a free switch into other funds in its OEIC range. The US 130/30 equity fund returned 7.1% over the five years to 12 October compared with an average return of 17.8% for the IMA North America sector, according to Morningstar. Asian Equity, meanwhile, returned 5.9% over the same period compared with a 14.3% return for the IMA Asia Pacific ex Japan sector. Cheah will continue to run a range of offshore Asian ...