van Eyk downgrades AXA fund following key departure
Research house van Eyk has downgraded the Axa Wholesale Australian Equity Value Fund following the resignation of analyst Gates Moss from the fund's Australian manager, AllianceBernstein Australia.
van Eyk said the fund had been downgraded one level, from an A to a BB.
It said it believed the departure of Moss represented a significant loss to the fund, even though van Eyk had a high regard for the remaining members of the team.
van Eyk head of ratings Matt Olsen said Moss had consistently displayed deep industry and stock insights over a number of review meetings with van Eyk.
"The departure of Dr Moss weakens the analytical depth of the team relative to its peers," he said.
van Eyk noted that AllianceBernstein had begun an executive search for a replacement for Moss.
It said that in the meantime Anthony Moran would pick up the coverage of energy and utilities, AllianceBernstein's global commodities team would cover mining stocks and Roy Maslen would cover three steel companies that he has previously covered.
Moss will join the team managing the Colonial First State Global Asset Management Wholesale Australian Share - Core Fund.
van Eyk said it viewed this development as positive for the fund, although its overall rating remains unchanged.
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