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.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.