The research house placed the funds on hold last year following the departure of portfolio manager Michael Karagianis.
Keiko Kondo is now responsible for implementing the asset allocation strategies for the Australian diversified funds.
Kondo is supported by Tom Rivers, who previously worked with Karagianis.
She is also responsible for managing the Japanese diversified funds and is the head of asset allocation for the Asia-Pacific region.
"We believe UBS has in place a clear and well-structured global investment process," S&P analyst Sheela Veerappan said.
"The process allows UBS to promote global consistency in investment views and implementation of asset allocation strategies across its diversified funds. The structure provides scope for local views to be reflected in strategic and tactical positioning, which we view positively," Veerappan said.
"While we believe Kondo brings a solid amount of experience to the role, we would like to gain comfort that the logistics of a multi-regional-based process operates effortlessly, given Kondo's London location," she said.
