Nationwide Funds Group has merged the UBS High Yield Fund and UBS Global Equity Fund into the Nationwide High Yield Bond Fund and the Nationwide Global Equity Fund, giving Nationwide some $183 million in new assets.

UBS Global Asset Management will remain affiliated with the funds as their subadviser but the funds’ existing assets, performance histories and risk profiles have carried over to the Nationwide funds. The Class A Shares of the Nationwide High Yield Fund and Nationwide Global Equity Fund will see their annual expense ratios dip from 120 basis points to 110 bps and from 150 bps to 130 bps, respectively.

“The Nationwide High Yield Bond Fund and Nationwide Global Equity Fund enhance our product portfolio by increasing the number of asset classes we can draw upon to assist advisors with navigating their clients through all market conditions,” stated Michael Spangler, president of Nationwide Funds Group.

“This latest effort to broaden our investment offerings involves partnering with an established subadviser to grow our business, while providing investors with the potential for higher yields and greater diversification in a market where investors are hungry for both.”

Bob McGowan, managing director and head of corporate institutions at UBS global asset management, conceded that shareholders of the UBS funds “will benefit from the greater reach these funds will have through Nationwide’s distribution platform and their potential to develop economies of scale that will enable the funds to invest more flexibly.”

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