The manager of a $3 billion Asia bond fund at UBS has reportedly left with sizable year-to-date losses and significant holdings in China’s real estate sector – including Evergrande debt.

Singapore-based Ross Dilkes has left UBS asset management after first joining 16 years ago, «Bloomberg» reported, though the Swiss firm did not provide a reason for the departure. Dilkes is the lead manager of the Asian high-yield fund, which was established around nine years ago. 

UBS’ head of global emerging markets and Asia Pacific fixed income Hayden Briscoe, who co-manages the fund, will take over as lead manager until a successor is found, according to fund analyst Morningstar.

Evergrande Exposure

Currently, UBS is amongst the top five holders of Evergrande bonds at $274 million as of September 30, according to public data, which includes holdings invested client money like the Asian High Yield fund. 

The fund also has sizeable positions in other troubled developers like Sunac China and Kaisa Group. Year-to-date, Dilke’s fund has lost around 18 percent with approximately half of its holdings in real estate.