EGRNF - Three UBS money managers leave after property debt slams bonds - Bloomberg

Two UBS (NYSE:UBS) portfolio managers are leaving the bank after a $3B fund got hit from China's high-yield bond market slump triggered by China Evergrande's (OTCPK:EGRNF)  (OTCPK:EGRNY) debt woes, Bloomberg reports, citing a company spokesperson. Jiayi Yew, based in Singapore, and Brian Lou, who's based in China, will leave the bank, a UBS spokesperson told Bloomberg. Ross Dilkes, who Yew and Lou report to, is also leaving the company after ~16 years. UBS's Asian fixed income business was particularly hard hit by fears of widespread defaults in the Chinese property sector. The bank, held ~$274M of Evergrande (OTCPK:EGRNF) as of Sept. 30, making it among the top five holders of the property developer's offshore debt, according to Bloomberg data. Dilkes' fund fell ~16% year-to-date, with about half of its holdings in real estate, according to Bloomberg. Last week, China Evergrande averted default for a third time in the past month.

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Three UBS money managers leave after property debt slams bonds - Bloomberg