Goldman Sachs JBWere fund in doubt
The performance of the Goldman Sachs JB Were Property Securities Wholesale Fund has once again been put into doubt after the departure of its portfolio manager and partner of Goldman Sachs, Tim Hannon.
The property securities wholesale fund was downgraded from four stars to three last year after the resignation of its co-portfolio manager, Andrew Smith, in October.
Standard and Poor's (S&P) placed the fund 'on hold' shortly after, citing concerns about the manager’s ongoing commitment to the fund and its asset class.
“This latest change is a further withdrawal of support for the fund at a time when the AREIT [Australian Real Estate Investment Trust] sector is experiencing an extremely challenging period,” said Peter Ward, an S&P fund analyst.
The resignation of Hannon comes after the restructure of the domestic properties securities team last year.
Goldman Sachs chief investment officer Andrew Cooke will take over the portfolio management duties of the fund. Cooke is responsible for the multi-asset class and management of the domestic asset class teams.
S&P considers Goldman Sachs’ chosen course of action as detrimental to the management of the fund.
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