Mediocre rating for Perpetual’s Irish
By Michael Bailey
PerpetualInvestments’ Dublin-based international equity team has received a lukewarm welcome from Lonsec, which has assigned it a third-level ‘investment grade’ rating in its latest review of the asset class.
The other managers reviewed by Lonsec for the first time, Templeton and Fidelity, both received ‘recommended’ ratings.
There was also good news for UBS Global Asset Management, which was upgraded to the best-possible ‘highly recommended’ rating, joining Barclays GlobalInvestors, AXA (through value-based affiliate Bernstein) and CreditSuisse Asset Management (through its partnership with Capital International) as Lonsec’s favourite global large cap managers.
Barclays and Credit Suisse/Capital are also its preferred core, or style neutral, managers.
The two managers Lonsec placed on ‘Fund Watch’ during the year, indicating serious concerns, both practise the out-of-favour growth style — Colonial First State and Dresdner RCM.
However, Lonsec senior investment analyst, Richard Everingham, pointed out that only one of the traditional managers reviewed, Invesco, had posted a positive return in the three years to February 2005.
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