NAFM holds two star rating
National Australia Financial Management(NAFM) has failed to pull itself out of a two star Morningstar rating, reflecting a relatively ‘poor quality’ fund manager, despite completing a major overhaul last year.
In its latest review by the research house, NAFM, which also comprises National Australia Funds Management, National Australia Super and National Australia Trustees, was shown to have benefited in part from the extensive restructure, however, not of significant worth to increase its Morningstar star rating.
“The outcome of these changes to NAFM’s first quarter ratings and Morningstar Star Ratings following the qualitative reassesments, and mixed comparative performance for NAFM’s funds, was that NAFM still only achieved the benchmark required for a two star Morningstar Star Rating at 31 January 2002, denoting a relatively ‘poor quality’ fund manager in Morninstar’s opinion,” the report says.
However, in regards to parts of the restructure, Morningstar has upgraded NAFM’s ratings for the sector strength ratings of Australian Cash, Fixed Interest, Listed Property, and Australian Equities.
The sector upgrades were also made for NAFM’s multi-sector funds, which make up most of National Asset Management’s (NAM) funds under management.
The National Australia Bank’s Wealth Management (WM) division, which includes both MLC Funds Management and NAFM, also experienced a recent restructure where NAM, the investment manager for NAFM, appointedMLC Investment Management(MLCIM) as its principal investment adviser.
AUTHOR
Nicole Szollos
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