Cromwell fund 'on hold'
The imminent departure of an analyst has seen ratings house Standard & Poor’s (S&P) place the Cromwell Pheonix Fund ‘on hold’.
The ratings house announced this week that the fund had been placed on hold after S&P was advised of the imminent departure of analyst Daniel Peters from a two-person investment team at investment manager Pheonix Portfolios.
It said that in conjunction with Stuart Cartledge, Peters had been responsible for stock research, analysis, modelling and portfolio construction for the fund.
S&P fund services analyst Kelly Napier said the departure of Peters was considered a loss for the recently launched fund in terms of his industry experience and left it more reliant on Cartledge in the interim.
The ‘on hold’ rating will be reviewed once S&P has greater clarity over the longer-term resourcing of the investment team.
AUTHOR
Mike Taylor
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