Swiss investment giant UBS has closed the Swiss-domiciled version of its Japanese equity fund due to declining investment in the long-standing strategy.
The UBS( CH) Equity Fund – Japan P fund, which was launched in 1972, had CHF 44 million (€36 million) in assets under management when the company agreed to liquidate it at the end of September.
This liquidation process has now been completed.
The closure is believed to have been driven by an on-going effort by UBS to streamline its fund range and the Swiss-domiciled fund was chosen due to declining assets.
Masafumi Sasai had just completed 10 years as lead manager on the fund, having taken over the reins in March 2000.
It is understood the closure of the Swiss version of the fund will have no bearing on the Luxembourg-domiciled equivalent, the UBS (Lux) Eq Fd – Japan (JPY) P-acc.
According to its November factsheet, this fund currently has CHF 31 million (€25 million) in assets under management and is also managed by Sasai.