UBS Global Asset Management (Americas) is liquidating its Money Market Fund in June.
The fund will be liquidated on June 20 because investor interest in the fund has waned to the point that it had less than $10 million in assets as of March 31, according to a
“The fund's continued existence has been subsidized by ongoing fee waivers/expense reimbursements by UBS Global AM; portfolio management has become more challenging when trying to comply with regulatory diversification requirements applied to a relatively small, and shrinking, portfolio asset base. Therefore, the fund is ceasing operations, and investors will receive a liquidating distribution in payment for their shares as described below,” the filing read.
Shares of the fund are no longer available as of the end of the business day April 18.
"In the best interest of investors, and in line with industry practice, we regularly review our fund range and take action if a fund becomes too small to be economical," according to a statement from the firm.
"This was a specialized fund with less than $10m in assets. We continue to manage 24 other money market funds in the US with AUM of $52.6 billion (including our flagship retail and institutional money funds).
