Macquarie manager departs, rating unaffected
Research house Standard & Poor's Fund Services (S&P) will not change the four-star rating on the Macquarie International Infrastructure Securities Fund, following the announcement of Justin Lannen's departure.
Lannen, who currently managers the fund's portfolio, will leave the team for "personal reasons", S&P stated.
He will be replaced by Andrew Maple-Brown, who will return from New York to Sydney in April.
Maple-Brown managed the fund prior to his move to New York almost three years ago.
S&P's decision not to take rating action reflected the "longer than average lead time, portfolio team structure and the fact that Maple-Brown has managed this fund previously.
"Importantly, the fund remains based on a model portfolio determined by a three-person portfolio manager team, comprising Maple-Brown, the recently promoted Anthony Felton and the chief investment officer Brad Frishberg," S&P said.
The researcher will reassess the fund and its rating once its team meets with Maple-Brown, upon his return in April.
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