UBS Global Asset Management (UBSGAM) has closed the UBS Global Infrastructure Securities Fund following a review of various aspects of its business strategy in response to changing market conditions.
The fund's closure was a business decision because the listed infrastructure securities universe hadn't expanded, a UBSGAM spokesperson said. As a result of the closure one person has now been made redundant.
UBSGAM also reorganised its wholesale third-party distribution business, resulting in a further three people leaving the firm.
UBSGAM head of research investments Piers Bolger and business development manager John Rowley will now assume responsibility for the platform distribution strategies.
Bolger will also become responsible for UBSGAM's co-ordination with research houses.
"These difficult decisions were necessary to respond to the unprecedented market conditions for future success for our business and for our clients," the spokesperson said.
