BlackRock closes multi-sector sister funds

2 June 2010
| By Chris Kennedy |
image
image
expand image

Standard & Poor's Fund Services (S&P) has withdrawn ratings from three BlackRock multi-sector funds at the request of the manager.

BlackRock’s High Growth Fund Class D, Conservative Fund Class D and Moderate Balanced Fund Class D were launched off the back of the manager’s popular and highly rated multi-sector balanced fund, according to Scott Phillips, director and head of retail global client group at BlackRock.

Even though the funds had been highly rated, with each earning a five-star ranking from S&P, they were unable to generate significant interest, Phillips said.

“We thought there might be demand [for these funds] after the strong performance of the [multi sector] balanced fund but that wasn’t the case,” he said.

S&P analyst Tom Mills said the withdrawal of the three multi sector funds was unrelated to S&P’s recent decision to place seven other BlackRock funds on hold following the departure of two team heads.

S&P last month placed seven BlackRock funds ‘on hold’ after Australian head of scientific active equity investments, Andrew Jackson, and head of portfolio management active equity, Davis Walsh, announced they would be leaving the company.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 1 day ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

2 weeks 6 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 3 days ago