UBS launches first passive bond fund for UK retail market

UBS Global Asset Management is launching the UBS Sterling Corporate Bond Indexed fund, its first passive fixed income fund for the UK wholesale market.

UBS' Rachid Semaoune heads the team managing the fund, which also includes Matthias Dettwiler, head of passive fixed income. The fund aims to deliver returns in-line with the performance of the Markit iBoxx Sterling Non-Gilts index, and will sit in the IMA £ Corporate Bond sector. Both accumulation and income shares are available with an AMC of 0.15%. Steve Hutton (pictured), head of UK wholesale at the group, said: "As the market continues to adapt to the outcomes of the RDR, we are receiving increased demand from our clients for competitively priced and well managed passive funds...