BT global property gets debut rating
As Colonial First State’s global listed property offering languishes with Morningstar’s lowest ‘avoid’ rating following the loss of its team to Perennial, BT’s global listed property strategy has been given a debut rating of ‘investment grade’ by the researcher.
BT launched the strategy in July 2004, but it initially invested solely in North America and was therefore not considered a global strategy.
In May last year the strategy’s focus was expanded to include BT’s Asian and AEW’s European strategies and it was shifted to the UBS Global Real Estate Investors ex-Australia Index. Previously the strategy had resided on the Morgan Stanley REIT Index, although Morningstar did not qualitatively rate it on that index.
According to a report from the research released last week, the strategy has outperformed the UBS Index’s 8.42 per cent return by 1.85 per cent in the six months to the end of December 2005, and outperformed the benchmark in each of its three geographies.
“We’d caution it’s still early days for BT’s Asian and AEW’s European strategies, which are unproven when compared to AEW’s US strategy,” the research report said.
Meanwhile, BT’s Australian listed property offering remains on ‘hold’ following the resignation last August of Antoinette Plater, who was replaced in the role of head of property securities by Peter Davidson, a relative newcomer to global property investment.
Davidson also holds the role of portfolio manager for the global strategy, giving him ultimate say in regional allocations, although he receives advice from long-time North American portfolio manager Matthew Troxell, European portfolio manager Robert Oosterkamp, and AEW’s research area.
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.
