UBS Global Asset Management has confirmed the launch of the UBS Sterling Corporate Bond Indexed Fund, a new passive fixed income vehicle.

The fund, which will be managed by the passive fixed income team - which currently manages over £20 billion (around $30 billion) - led by Matthias Dettwiler, aims to achieve returns that are consistent with the performance of the market iBoxx Sterling Non-Gilts Index by predominantly investing in fixed income securities, the firm said in a statement.

In other recent developments, last month UBS appointed Jonathan Ferrara as the firm’s head of private banking in Jersey, part of the Wealth Management UK and Jersey group, effective from 8 April.