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
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
