UBS announces new management, fees for some Pace funds

By Toni Weeks

San Diego, Feb. 22 - UBS Global Asset Management (Americas) Inc., the investment manager to several Pace funds, announced in a 497 filing with the Securities and Exchange Commission changes to the portfolio management teams and advisory fees for some of its funds.

The filing said that the board of trustees of Pace Small/Medium Co Value Equity Investments has appointed Kayne Anderson Rudnick Investment Management, LLC to serve as a new investment adviser to the fund. Kayne will be responsible for a portion of the fund's portfolio, effective Feb. 27, and will join Buckhead Capital Management, LLC, Metropolitan West Capital Management, LLC and Systematic Financial Management, LP in managing the fund.

Also, the board of trustees of Pace Large Co Growth Equity Investments has approved a change in the advisory fees paid to Delaware Management Co., the fund's investment adviser. Of the fund's average daily net assets that it manages, UBS will now pay an advisory fee of 0.4% of the first $200 million of assets and 0.35% of the assets above $200 million. Prior to this change, which took effect Jan. 1, Delaware was paid a flat fee of 0.4% of the net assets. The overall management fees and expenses paid by the fund will not change.

According to the filing, some of the portfolio management teams for Pace International Equity Investments have been altered. Effective Jan. 1, Christine Montgomery replaced James Fairweather as the portfolio manager for the portion of the fund's assets advised by Martin Currie Inc. In addition, Emma R.E. Lewis is no longer a portfolio manager for the portion of the fund's assets advised by Mondrian Investment Partners Ltd. Mondrian's other three portfolio managers, Elizabeth A. Desmond, Nigel G. May and Russell J. Mackie, remain responsible for the day-to-day management of that portion of the fund.

Finally, Pace Large Co Value Equity Investments said that Susan M. Byrne is no longer serving as a portfolio manager for the portion of the fund managed by Westwood Management Corp. Existing managers Mark R. Freeman, Jay K. Singhania, Lisa Dong, Todd L. Williams and Scott D. Lawson will continue to manage that portion of the fund.

UBS Global Asset Management is a division of Zurich-based UBS and has its main offices in London, Chicago, Frankfurt, Hartford, Hong Kong, New York, Paris, Singapore, Sydney, Tokyo and Zurich.

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