S&P downgrades Pengana Asian Equities Fund following senior departure
Standard & Poor's Fund Services (S&P) has downgraded the rating of the Pengana Asian Equities Fund from four to three stars, following the departure of a senior technical analyst.
Pengana Capital announced the departure of the fund's portfolio manager and technical analyst Elan Miller prior to Christmas, and S&P has viewed his absence as having a negative impact on the strategy's investment process.
Although Pengana subsequently announced the appointment of Yan Zhang to the technical analyst role, S&P analyst Michael Armitage said he preferred to see Zhang's contribution to the team process more settled and performance proven in order to regain higher conviction in the offering.
Miller joined Pengana in 2004 after spending 14 years involved with hedge funds and managing equity-orientated and arbitrage portfolios.
Recommended for you
State Street Global Advisors has made an equity investment in Ethic, a platform helping financial advisers to produce bespoke portfolios, reflecting the greater client demand for customised portfolios.
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
