HONG KONG, April 14 Reuters UBS Group AG has appointed a new manager to oversee a 2 billion Asian high yield fund, the Swiss bank said in a statement, after a fivemonth hiatus in top leadership at the fund that was hit hard by China39;s property sector debt crisis.

Raymond Lin Gui will join UBS39; asset management arm in Hong Kong on May 2, as head of portfolio management for Asia fixed income, according to the statement on Thursday.

Gui, who previously worked as cochief investment officer and senior portfolio manager at Hong Kongbased Income Partners Asset Management, will be the lead manager of the Asian High Yield fund, the statement said.

He will report to Hayden Briscoe, head of global emerging markets and Asia pacific fixed income.

Gui39;s predecessor, Singaporebased Ross Dilkes, left UBS late last year. The Asian High Yield fund lost around 18 in 2021, according to its factsheet, mainly dented by a market rout in China39;s embattled property companies.

At the end of 2021, the fund held large positions in dollardenominated bonds issued by several troubled Chinese developers, including China Evergrande Group, Kaisa Group and Sunac China, according to Bloomberg, which first reported the development.

The three developers have missed payment deadlines on some of their debt and their shares have been suspended from trading in Hong Kong.

The UBS fund has lost another 16 so far this year, with more than 30 of the portfolio exposed to the Asia real estate sector at…