Snowdonia Appoints UBS To Manage £12m Growth Fund

22nd February 2006

The Snowdonia Fund, the asset management arm of Buckles Holdings, Wales’ largest IFA, has secured the services of UBS Wealth Management (UK) Limited to take over the investment management of its £12m Snowdonia Growth Fund. Launched as one of three Snowdonia equity and fixed interest funds in October 2004 – Growth, Income and Balanced – the Growth Fund accounts for £12m out of a total of £66m. The Snowdonia Property Fund, launched in December, 2005 accounts for £3m.

The three original funds, all of which operate on the “fund of funds” principle, were each allocated separate external investment managers: Premier Fund Managers to the Income Fund, and Mercater Capital Management and Rensburg Investment Management respectively to the Balanced and Growth Funds. UBS Wealth Management (UK) has replaced Rensburg in the new line-up with effect from the middle of February, 2006.

Sanjay Rijhsinghani, an investment director of UBS Wealth Management Limited, has been given individual responsibility for the Growth Fund. Speaking of the appointment,

Mr Rijhsingsani said:

“We are delighted that Buckles has decided to appoint us as manager. Although it is early days yet, I plan to make some changes to the portfolio. These will probably include a reduction in the level of exposure to North America in favour of increased exposure in Europe and the Far East, excluding Japan. I will also be looking to invest in some special situations”.

Nigel Speirs, Chief Executive of Buckles Holdings, said:

“The Snowdonia family of funds has grown very rapidly since inception 15 months ago. It is a vital part of my job to ensure that the clients who entrust their investments to Snowdonia are provided with the very highest quality service available in the marketplace. In this context, we are delighted that UBS has joined our team of top investment managers”.