CFS fund ratings maintained despite departures
|
|
Ratings house Standard and Poor's has opted to maintain its ratings on two key Colonial First State (CFS) funds despite the departure of the company's head of global resources, David Whitten.
Standard and Poor's said it would be maintaining the four-star rating on the CFS Global Resources Fund and the three-star rating on the CFS Global Resources Long/Short fund despite Whitten's departure because of the manager's logical succession plan.
It said Whitten was being succeeded by senior portfolio manager Joanne Warner and it considered her "the logical successor" as team head.
"We believe that her appointment represents continuity for the team, which remains well resourced in our view," Standard and Poor's analyst Tom Mills said.
He noted that Colonial First Sate Global Asset Management had announced the recruitment of two senior investment analysts and an investment manager and said this underscored the manager's commitment to maintaining a strong team.
Recommended for you
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
Merchant Wealth’s David Haintz has described how the firm differs from the traditional private equity ventures jumping into Australia, and why M&A isn’t like Married at First Sight.
ASIC has been granted permission to shut down almost 100 websites running investment scams, with the Federal Court describing how its victims were “fattened like pigs to slaughter”.
An Adelaide-based financial planning and accounting firm is set to merge into Count Adelaide, aligning with Count’s ambitions to form a national footprint of scaled equity partnerships.
