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UBS to Resign as Manager of Fresco ETFs

SSgA will take over the European-focused funds if shareholders approve.

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Less than two years after diving into the U.S. exchange-traded fund market, UBS Global Asset Management is getting out.

UBS' Fresco Dow Jones Stoxx 50 (FEU) and Fresco Dow Jones Euro Stoxx 50 (FEZ) have asked shareholders to approve a plan to appoint SSgA Funds Management as advisor to the funds, replacing UBS, according to Securities and Exchange Commission Filings. SSgA runs one of the oldest and largest ETFs on the market, the $41 billion in assets SPDR (SPY). The Fresco funds also are asking shareholders to elect a new board of trustees. Shareholders will vote on both proposals June 16, 2004, the filings said.

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Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.