"We consider Ebnother's departure a material loss given his leadership role, market experience and involvement in building up the real estate securities capability over many years," S&P fund analyst Kelly Napier said.
Ebnother has been replaced with former AIMS funds management director Mark Thorpe-Apps, who has been appointed as the division's new CIO.
S&P had rated the UBS Property Securities Fund three stars last month, while Morningstar's previous recommendation on the UBS Property Securities Fund was investment grade.
