UBS Global Asset Management, the funds division of the Swiss bank, has shut down two of its poor performing UK equity strategies for institutional investors and has started moving the assets to funds with stronger returns.

The changes affect UK core equity strategies, which have delivered lower returns at higher volatility than UBS' value funds. Core funds are style neutral, while value equity funds focus on different factors, such as a stock's yield, and look for cheap companies where the market has not recognised their worth.