More fundies walk away from S&P
Standard & Poor's Fund Services (S&P) has suffered more ratings withdrawals from major clients as a result of the recent announcement regarding the closure of its Australian business later this year.
A number of fund managers including Perpetual, Schroders, Zurich Investments and ING Investment Management have requested the researcher withdraw its ratings on their funds.
The request comes weeks after the first major client, Russell Investments, walked away from the researcher.
A week later, Macquarie Group announced the withdrawal of its Professional Series from S&P's 2012 Global Equity Review.
Similar moves are expected in the coming months until S&P officially shuts down its Australian retail offering in October this year.
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