Standard & Poor's Fund Services has placed two UBS funds on hold, which was partly attributed to UBS Global Asset Management's (UBSGAM's) acquisition of ING Investment Management (INGIM).
UBS Global Property Securities Fund and UBS Property Securities Fund (which were previously rated three stars) were given the 'on hold' status following a reshuffle in portfolio and research responsibilities.
David Scott and Patrick Barrett - previously members of the INGIM Australian property securities team - are assuming the management of the funds as well as Australian real estate investment trust research.
Meanwhile, Vinay Narsi, who was covering property securities within UBSGAM, will take on broader industrials coverage.
Jakov Males will relinquish portfolio management of the UBS Property Securities Fund and assume management of its Australian Share Fund from head of Aussie equities Simon Shields.
Shields has assumed portfolio management responsibilities for a number of INGIM-managed Australian equities products.
These appointments are among several changes recently announced as UBSGAM's acquisition of INGIM settles.
S&P will meet with Scott, Barrett, and other senior members to ascertain how the current strategies will be affected and to resolve the ratings of both funds.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.