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UBS Global Asset Management Launches UBS Asian Consumption Fund
UBS Global Asset Management announced that it will launch the first investment fund in Singapore to be focused on the Asian consumption theme. The UBS Asian Consumption Fund aims to capitalize on the increasing purchasing power of Asia's young generation, which is expected to continue rising with the development of Asian economies and associated cultural change in spending attitude.
The UBS Asian Consumption Fund (UBS (Lux) Institutional Sicav - Asian Consumption (SGD) RA/ (USD) RA) was established in response to investor demand for opportunities to tap into Asia's rising affluence and population growth. With continued urbanization in Asia, income levels are set to rise as people shift to higher value-added jobs which will, in turn, fuel consumer purchasing power. Consumption expenditure in China has surged by 136 percent1 in the last 10 years, and in India over the same period, the figure has risen by 65 percent1.
"We expect consumption in Asia to continue to increase for decades, fuelled by strong structural drivers including a large and growing young population which is under-leveraged and with rising disposable incomes. At the same time, penetration levels of higher-end consumption goods remain low, indicating further room for growth," said Niraj BHAGWAT, portfolio manager of the UBS Asian Consumption Fund.
The fund aims to achieve long-term capital appreciation through investments in stocks of companies engaged in the business activities of providing goods and services to Asian consumers. The fund will focus on companies with a strong business presence in Asia, companies that are expected to benefit from Asian consumption growth and Asian consumer companies tapping into business growth outside of the region. Investments will primarily involve equity securities within the Asia ex Japan sectors focusing on consumer staples, consumer discretionary and healthcare.
The fund is managed by highly experienced Asian-based equities specialists within UBS Global Asset Management. The team's portfolio currently consists of Asian consumption stocks worth approximately USD 2 billion2.
The fund is available via the following distributors: ABN Amro Bank N.V., DBS Bank Ltd, POSB, Standard Chartered Bank and UBS Wealth Management. Further information is available at: www.ubs.com/singaporefunds.
UBS Global Asset Management is one of the largest institutional asset managers in the world and the largest fund manager in Switzerland, with total invested assets of USD801 billion as of 30th September 2007.
1 Source: CLSA Asia-Pacific markets, July 2007
2 Source: UBS Global Asset Management, November 2007
As of 9 January 2008 Credit Suisse Group held acquisition positions amounting to 3.275% of the voting rights of UBS registered shares. These comprised 23,257,001 (1.122%) UBS registered shares with voting rights and 20,852,592 (1.006%) acquisition rights and 23,763,082 (1.147%) written disposal rights on UBS registered shares with voting rights.
At the same time Credit Suisse Group held disposal positions amounting to 3.33% (69'006'359) of the voting rights of UBS registered shares. These comprised 27'501'880 (1.327%) disposal rights and a further 41,504,479 (2.003%) written acquisition rights of UBS registered shares with voting rights.
Credit Suisse Group directly and indirectly holds the following acquisition and disposal positions through the following companies:
Credit Suisse Group indirectly through its subsidiary Neue Aargauer Bank, Bahnhofstrasse 49, 5000 Aarau and Clariden Leu Holding AG, Bahnhofstrasse 32, 8001 Zurich, Switzerland (indirectly through Clariden Leu AG, Bahnhofstrasse 32, 8001 Zurich, Switzerland) and Credit Suisse, Paradeplatz 8, Postfach, 8070 Zurich, Switzerland, directly and indirectly through its subsidiary Credit Suisse Holdings (USA) Inc, Eleven Madison Avenue, New York, N.Y. 10010, New York, USA (indirectly through Credit Suisse Securities (USA) Inc, Eleven Madison Avenue, New York, NY 10010, New York, USA, indirectly through Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, NY 10010, New York, USA) and Credit Suisse International, One Cabot Square, Canary Wharf, London, E14 4QJ, England, and Credit Suisse Life (Bermuda) Ltd., Argyle House, 41 A, Cedar Avenue, Hamilton HM 12, Bermuda, and Credit Suisse Life & Pensions AG, Mühleholz 3, FL-9490 Vaduz, and Credit Suisse (International) Holding AG, Bahnhofstrasse 17, 6300 Zug, Switzerland (indirectly through Credit Suisse Investments (UK), One Cabot Square, London E14 4QJ, England, indirectly through Credit Suisse Investment Holdings (UK), One Cabot Square, London E14 4QJ, England, indirectly through Credit Suisse Securities (Europe) Limited, One Cabot Square, London E14 4QJ, England).
This disclosure is being made pursuant to the simplification of the reporting requirements through the Disclosure Office of the SWX. Details about the required disclosure of the acquisitions and the disposal positions will be provided on demand and free of charge by UBS (contact: UBS Investor Relations, +41-44-234 41 00) within two trading days via e-mail, fax or mail.
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