Russell Commodities 'on hold' after manager change
Standard & Poor’s Fund Services (S&P) has placed the Russell Commodities Fund ‘on hold’ following a changeover in the underlying manager from Macquarie Funds Group to Jefferies Asset Management.
S&P analyst Jason Patton said the ratings agency decided to put the three-star fund on hold until it had spoken to the portfolio manager at Russell to assess the effect of the change, and how it would fit with Russell’s longer-term strategy.
“We will meet with the manager as soon as practicable and any future ratings action will be subsequent to this meeting,” he said.
Patton said that the fund was relatively new and notionally a multi-manager product, although Macquarie had been its sole underlying manager to date.
Recommended for you
Money Management and principal partner, Mortgage Choice, are proud to announce 30 winners for the annual Women in Finance Awards 2024.
Pitcher Partners has urged caution about the use of private credit funds, despite a widespread push by fund managers on the benefits of the products.
Just one day after Selfwealth received a “highly attractive” acquisition bid from Bell Financial Group, it has received a second non-binding indicative proposal from a rival.
With nearly one-third of financial advisers utilising Australian Ethical’s investment options, expanding its advised channels remains a key focus for the firm.
