Colonial First State hired UBS Asset Management to subadvise roughly A$170 million ($128 million) in an Australian real estate investment trust strategy, confirmed Jujhar Toki, a senior investment manager with Colonial First State in Sydney, in an email.
The mandate leaves UBS Asset Management overseeing roughly 50% of the Australian firm's FirstChoice Property Securities fund. Colonial First State Global Asset Management, which previously oversaw that mandate, was terminated. A spokesman for Colonial First State Global Asset Management couldn't immediately be reached for comment.
The mandate lifts UBS Asset Management's total assets under management in Australian REITs to more than A$580 million, UBS said in a news release Thursday.