AMP Capital core property fund wins S&P four stars
Standard & Poor's fund services has rated AMP Capital's Core Property Fund (ACPF) four stars after its rating was withdrawn and the fund placed on hold in March.
The decision to place the fund on hold came after AMP Capital pulled out of the joint venture, with AMP Capital Brookfield to manage its listed real estate capability in-house.
S&P said that although AMP Capital's listed property and listed infrastructure strategies were most affected, ACPF's 25 per cent weighting to AMP Capital's global listed property strategy meant it was also affected.
S&P said its overall level of conviction in AMP Capital's global listed real estate capability had reduced, affecting the rating.
However, S&P said the fund was an attractive offer and well managed by fund manager Damien Fitzpatrick and assistant fund manager Adam Moodey.
"Both have an extensive understanding and appropriate level of expertise in regard to both the fund and direct real estate markets more generally," S&P said.
Despite S&P's reduction in overall conviction, it applauded the fund's strong investment capability, high quality direct property portfolio, conservative gearing, and sustainable distribution policy - both at the headline and underlying portfolio level.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
