Morningstar offers mixed ratings for BT
Morningstarhas downgradedBT/Sagitta’s listed property outlook in response to the recent team changes, while upgrading BT’s international equities outlook.
The research house has downgraded BT’s sector strength rating for listed property outlook from ‘neutral’ to ‘negative’, as well as downgrading Sagitta-Rothschild in the same sector from ‘positive’ to ‘neutral’.
A report released by Morninstar today said: “Unfortunately for Sagitta-Rothschild and BTFG listed property trust investors, both entities have suffered separate, apparently unrelated, key team changes.”
BT/Sagitta property analyst Damien Barrack left the group less than two weeks after the departure of listed property director Carlos Cocaro.
Barrack’s departure left the only one member of the original team, Antoinette Plater, in charge of the division, and on her own until mid last week.
Plater, who has 18 years experience in her sector, had been acting as head of listed property trusts but has since been officially appointed to the position.
“Antoinette Plater has plenty of listed property experience, so local industry knowledge and continuity of the investment process will be crucially maintained. However, the change in support team analyst means that two of the original three person team has changed. Such instability is always concerning for fund investors,” the Morningstar report says.
A replacement analyst, Antony Knep, has since come to Plater’s aid, joining the group last Wednesday. A BT spokesperson says a third analyst is also currently being recruited.
Meanwhile, the outlook for BT Financial Group funds in international equities has been upgraded from ‘neutral’ to ‘positive’.
Morningstar made the change since it has met with Putnam, now BT’s international manager, over two years and says its opinion of the manager is “positive because of a rigorous, highly disciplined and risk controlled investment process in international equities”.
Recommended for you
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
