UBS Global Asset Management is aiming to turn around the performance of its £60m Global Optimal fund, following last year’s recruitment of a new head of global equities.
Nicholas Melhuish joined the group in October from Nicholas-Applegate Capital Management, and his newly created role will involve improving performance across the group’s global equity strategies.
The UBS Global Optimal fund has Shawn Lytle as the manager and it is ranked fourth quartile over one and three years to January 21, 2008, according to Morningstar. Indeed the fund’s underperformance saw it enter Bestinvest’s most recent Spot the Dog List.
Given UBS’ focus on team management it is unlikely Melhuish will assume a manager’s role on the fund. However, according to UBS he has significant experience in global equities.