Austock fund ‘on-hold’
Ratings house Standard and Poor’s Fund Services (S&P) has placed the Austock Australian Equities Fund ‘on hold’ following the departure of a key portfolio manager, Silvio Gasparet.
S&P Fund Services analyst Anthony Karaminas said Gasparet played a pivotal role within the fund, with his experience and knowledge driving many aspects of the investment process and guiding a relatively small and junior team.
“The fund will remain ‘on hold’ until clarification surrounding replacement of staff has been finalised. S&P expects to be in a better position to determine the rating impact at this time,” he said.
The Austock Australian Equities Fund had a previous S&P rating of three stars.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
