Nationwide Funds has received approval to merge and reorganise two of UBS funds namely, High Yield and Global Equity into its own funds, in an effort to offer additional long-term strategies to help investors plan and save for retirement.
Adding nearly $183m in new assets, the merger also enables Nationwide to offer a wider array of investment solutions to financial advisors and their clients.
Following the transaction, UBS Global Asset Management will remain affiliated with the funds and are now being offered at a low fee to provide value for clients and help drive asset growth for the company.
The Nationwide High Yield Bond Fund (GGHAX) invests in a portfolio of higher-yielding, lower-rated fixed-income securities issued by US and foreign companies and seeks to provide high current income and corresponding capital growth.
The Nationwide Global Equity Fund (GGEAX) uses a globally integrated investment process to uncover undervalued markets, currencies, sectors and securities to maximize total return, including capital appreciation and current income.
Based in the Philadelphia, Nationwide Funds Group is the mutual fund business of Nationwide Financial Services.
As of 30 September 2012, the company manages 86 funds with approximately $44bn in assets.