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Rating:UBS Awards a Mandate for its PACE Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 19, 2010

UBS Awards a Mandate for its PACE Funds

Reported by Sean Hanna, Editor in Chief

Scotland's Standard Life Investments has won a subadvisory mandate for the $461 million UBS PACE Alternative Strategies Investments (PASIX). The mandate covers the "global multi-asset strategy" allocation within the fund [SEC filing]. Standard will take over its portion of the fund's assets on August 9.

With the addition of Standard Life, UBS Global Asset Management will use five subadvisors on the fund. The UBS PACE funds are manager-of-manager funds offered through the UBS rep network. The other subadvisors on the fund (and their mandate) include:

  • Analytic Investors (Long/Short Global Equity Strategy)
  • Wellington Management (Opportunistic Equity Plus Alpha Strategy)
  • Goldman Sachs Asset Management (Global LIBOR Plus Strategy)
  • First Quadrant (Global Macro Strategy

    Along with the addition of Standard Life, UBS is also increasing the fee the fund pays to First Quadrant to 90 basis points from 75 bps currently. The fee hike stems from an increase in the active risk level used in the portion of the portfolio First Quadrant subadvises (its mandate size is not changed). The fee is paid by UBS AM and the increase will not change the fund's expense ratio.

    The fund is also altering Wellington Management's mandate to increase world equity exposure within the portion of the fund that it manages.

    The portfolio managers used by Standard Life Investments will be Guy Stern and David Millar. 

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