GLOBAL - The Phillips & Drew (P&D) name is to be dropped as part of a brand reshuffle by parent company UBS but P&D has pledged its investment style will remain unchanged.
UBS Asset Management is to operate its investment companies under a single global brand, UBS Global Asset Management, effective April 8.
Matthew Stemp, chief investment officer for UBS Asset Management in the UK, said: Over the last two years we have worked towards building a single, integrated, truly global investment platform. The change of name to UBS Global Asset Management is designed to reflect this global investment platform under one, strong unified brand.
The management team, investment philosophy and processes for clients' funds will not change because of the change in our name.
The move comes at a prominent time when P&D's balanced fund has outperformed its peers for a second consecutive year, after a period before that of underperformance and a diminished client roster.
Positive long-term performance has secured P&D's balanced fund position in the upper quartile of the performance league tables over 1, 3, 5 and 10 years.
Regional brand names to be knocked on the head include Brinson Partners, Brinson Advisors, and Brinson Canada in the Americas; Phillips & Drew in the UK, and UBS Asset Management in Europe, Middle East and Africa, and Asia Pacific.
Brinson Partners was formed in 1989, and combined with Swiss Bank Corporation (SBC) in 1995. In 1998, the merger of SBC and Union Bank of Switzerland formed UBS - combining the institutional fund management units into UBS Asset Management. In March 2000, Brinson joined with Phillips & Drew in an attempt to establish a common global investment platform.
UBS’s asset management division also witnessed a reshuffle at the end of last year, with disagreements at the top leading to the departure of former board president Luqman Arnold. The unit also posted a 28% drop in gross profits at CHF231m for 2001, compared to the previous year, adding that any gains from the new pricing structure, and the acquisition of Brinson Canada were offset by higher operating costs.
The rebrand will not include any changes to the organisation’s investment processes or the core investment platform, which will continue to be led by Jeffrey Diermeier, global chief investment officer.
UBS’s specialist businesses - O’Connor, DSI, UBS Timber and UBS Realty - will retain their names.
UBS Global Asset Management inherits CHF672bn (EUR455bn) in assets under management. The unit will comprise UBS’s four business groups, along with UBS Warburg, UBS PaineWebber and UBS Switzerland.
P&D recently admitted that Robin Hindle-Fisher, chief executive officer, may not be returning after it was originally announced last year that he would be taking a one year sabbatical.
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