S&P puts Hunter Hall funds 'on hold' following departure
Following the departure of Jack Lowenstein, deputy CIO and senior portfolio manager, Standard & Poor's Fund Services placed six of the seven Hunter Hall funds on hold.
Lowenstein had been with Hunter Hall for 14 years, and was considered a key team member managing approximately one fifth of Hunter Hall's firm-wide assets under management, according to S&P.
"S&P will meet with Hunter Hall next week, and seek to understand how Mr. Lowenstein's investments will be managed, before reviewing the 'On Hold' ratings," said Justine Gorman, analyst at S&P Fund Services.
The Hunter Hall funds affected by the announcement include: Australian Value Trust, Global Ethical Trust, Global Deep Green Trust, Global Ethical Trust Hedged, Asian Value Trust and the Value Growth Trust.
Hunter Hall announced yesterday that with Lowenstein's departure, long-standing senior portfolio manager James McDonald had been appointed to the position of deputy CIO.
The company said it had a long-standing succession plan to handle eventualities such as Lowenstein's departure.
Recommended for you
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.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
