AMP Property Securities S&P rating 'on hold'
Standard & Poor's (S&P) Fund Services has announced that the five-star rated AMP Capital Global Property Securities Fund has been placed "on hold" following the announcement of the departure of the company's global portfolio manager for Europe, Brett Ward.
According to S&P, there will be no replacement for Ward's position, and AMP global portfolio manager for North America Jason Baine will take on responsibility for the European business. Meanwhile, global portfolio manager for the Asia-Pacific Bernhard Kreig's responsibilities will continue, S&P stated.
AMP Capital Brookfield were unable to address Ward's desire to return to Australia after spending six years overseas in London and Chicago, S&P stated.
"He [Ward] is the longest serving and most experienced of the three global portfolio managers, and was important in establishing the European research team and integrating the global capability," said S&P Fund Services analyst Kelly Napier.
S&P's announcement also follows SQM Research's (SQM's) downgrade of AMP's Capital Global Property Securities Fund from four and a half stars to four.
SQM stated they remain confident in the remaining global portfolio management team, and will release an updated rating in their next Global Property Securities Review expected in the first half of 2012.
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