Tasmanian Perpetual Trustees signs up for S&P rating
MyState subsidiary Tasmanian Perpetual Trustees (TPT) has announced its Select Mortgage Fund has been given a three-star rating by Standard & Poor's, just two weeks after the ratings house announced it would be withdrawing from local funds research effective 1 October.
Last week Russell Investments became the first major manager to withdraw its funds from S&P ratings following the announcement. The TPT rating will be valid until S&P's 1 October cut-off.
TPT general manager of wealth management and trustee services David Benbow said TPT was looking to attract new investors to the fund, including from outside of Tasmania.
"We plan to place the fund on our MyState investment platform for financial planners and dealer groups in different regions and to leverage the distribution potential in Central Queensland where MyState has recently merged with The Rock Building Society," he said.
According to TPT, S&P found that the fund had performed well over the past five years, outperforming the fund benchmark and peer group benchmark and maintaining liquidity levels. S&P also viewed the fund's investment management capability favourably, TPT stated.
"We are particularly pleased that S&P's analysis recognises the capability of our investment management and lending teams and the loyalty of our investor base," Benbow said.
TPT has $930 million in funds under management in Australian and global equities, cash and income funds, mortgages, property and balanced funds.
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