S&P urges team stability at Hunter Hall
Ratings house Standard & Poor's (S&P) has taken five Hunter Hall equities funds off 'on hold' status, but has warned the funds manager that it needs to resume a stable team environment "following a tumultuous six months of staff turnover".
Announcing the new ratings yesterday, the ratings house noted that the funds had been on hold since April, after the departure of chief executive and portfolio manager, David Buckland.
"Mr Buckland's departure was followed weeks later by that of portfolio manager Chad Slater. These departures followed the resignation of deputy chief investment officer and portfolio manager, Jack Lowenstein," the S&P analysis said.
"We were disappointed to see the departure of such experienced and tenured portfolio managers, but we took comfort from Hunter Hall's hiring of portfolio mangers Simon Bridger and Jonathan Rabinovitz, capable investors who each have over 25 years' experience," it said.
It said that while S&P are reassured by Hunter Hall's overall level of investment experience and resourcing, it feels that the resumption of a stable team environment is very important.
The S&P analysis noted that former Perpetual chief executive David Deverall would become chief executive at Hunter Hall from 30 July 2012.
All the Hunter Hall funds were handed a three-star rating by S&P, except the Hunter Hall Asian Value Trust, which was granted a two-star rating.
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