Moving the whole UBS International Share Fund team to London has caused the fund to be placed on hold.
UBS International Share Fund has been placed on hold by Standard & Poor's following a shake up of the fund's investment team.
A decision to move all senior portfolio managers to London, by new UBS head of global equities Nicholas Melhuish, resulted in UBS's Chicago-based lead portfolio manager Bruno Bertocci deciding not to relocate.
UBS has hired as a replacement Nick Irish, from HSBC Halbis, to the global portfolio management team as senior portfolio manager for the fund. He starts on March 17.
"It remains to be seen whether these latest changes translate into improved performance going forward, and ultimately result in greater continuity of the key decision makers for this fund," S&P fund analyst James Gunn said.
"S&P expects to be in a better position to assess the merits of the changes following our forthcoming discussions with the manager, although we are unlikely to revisit the rating until Mr. Irish commences," Gunn said.
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