S&P places Goldman Sachs Income Plus Fund 'on hold'
Standard & Poor’s Fund Services (S&P) has placed the Goldman Sachs Income Plus Wholesale Fund ‘on hold’ following the company’s announcement that its chief investment officer (CIO) and the portfolio manager to the fund, Andrew Cooke, has resigned.
Subash Pillai, head of cash and fixed interest and now multi-sector, is taking over the responsibilities of this fund. S&P believes Cooke “had been integral to the management of the fund since he took over portfolio management” and the ‘on hold’ rating will remain pending S&P’s review of the fund.
S&P fund analyst David Erdonmez said while Pillai had been a part of the asset allocation committee for the past six years, he had not been intimately involved with the day-to-day management of the fund.
“S&P considers Cooke’s departure to be material, and while [Goldman Sachs Asset Management] has been quick to provide an updated structure of the business, Cooke’s loss cannot be downplayed,” he said.
“We have been and continue to be concerned by the departure of senior personnel from the business, particularly given that they are not being replaced by seasoned investors,” Erdonmez added.
S&P understands that GSAM has decided not to seek a replacement for the role of CIO.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
