UBS Fund On Hold Following The Departure Of Two Execs

Vanessa Doctor

19 April 2011

International ratings agency Standard & Poor's has placed the ratings of UBS Global Asset Management on hold following news that two of its portfolio managers are leaving the small companies fund, the Financial Standard reports.

PMs John Campbell, executive director, and Jeremy Bendeich, director, will officially leave UBS and are currently on "gardening leave". Rumours abound that the two, who are part of a vital three-man team, will be setting up a new boutique fund, although this has not been confirmed. Meanwhile, taking responsibility for the management of the fund is Stephen Wood, currently an executive director and portfolio manager.

In the report, UBS told the news service that it is presently interviewing potential replacements to the two executives and will announce senior appointments over the next weeks.

S&P will put the fund on hold until an additional senior hire is made and full review of the fund has been conducted.