Another two portfolio managers are reportedly leaving the Swiss bank, after a fund was hit by China's high-yield bond market slump triggered by China Evergrande's debt woes.
Singapore-based Jiayi Yew and Brian Lou in China will leave the bank in January, according to «Bloomberg» report, citing a company spokesperson. The pair reported to Ross Dilkes, who is also leaving the Swiss wealth manager after more than 16 years.
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.
Chinese Property Exposure
Dilkes was the lead manager of the $3 billion Asian high-yield fund, which was established around nine years ago. UBS has 26 staff in its emerging market and Asia-Pacific fixed-income team and it is looking to replace the departing managers with four new hires, the spokesperson said.
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.
