The £22m fund has been managed by Gallagher since 2007 and will now maintain the same objectives.
Peter-Hoblyn joined UBS from Mirabaud Investment Managment and is also the manager of the UBS UK Opportunities fund.
When he was at MIM he managed over £850m of long-only UK equity portfolios in its high alpha offering.
His co-manager, Lloyd, joined UBS in November from Insight Investment Managment, where he was head of structured solutions.
Before his stint at Insight Lloyd was a Schroder Investment Management for four years, during which time he was manager of the Schroder Income Maximiser fund range.
UBS said it did not anticipate any further changes to the UK Equity team at this stage and it believes the team is well-positoned to deliver strong investment performance for its UK equity clients.
In the three years to date the fund has returned 34%, compared to 41% from the benchmark and over one year it has posted 1% returns, versus -1.3% from its benchmark.
