Marking a shift in its distribution strategy, Brinson Advisors of New York, the wholesale distribution arm of UBS Asset Management of Chicago, has renamed roughly 40 mutual funds, the company announced.
PaineWebber mutual funds and institutional money market funds that formerly carried the Mitchell Hutchins name will now carry the Brinson name, according to the company.
The changes come more than six months after UBS Asset Management acquired PaineWebber of New York and its subsidiary asset management company, Mitchell Hutchins, also of New York. In May, UBS Asset Management brought all Mitchell Hutchins products under the purview of another asset management division called Brinson Advisors, and is now formally changing the names of the products, a company spokesperson said.
The rebranding represents a new focus for UBS Asset Management's wholesale division, the spokesperson said. With the new company structure, Brinson will have access to investment products offered by other arms of UBS, she said. In addition, the company will pursue new distribution channels such as banks and insurance, she said.