Four of MIR Investment Management’s formerly ‘five star’ funds have been placed ‘on hold’ by Standard & Poor’s following the announcement of staff changes in the investments team and the loss of the head of its qualitative investment team, Owen Evans, who will depart the manager next month.

Standard & Poor’s fund analyst Ken Ostergaard said the researcher had a high opinion of MIR’s business and investment process.

“While our ratings are driven by MIR’s unique investment process and structure, mitigating key personnel risk, we view it as prudent to place the ‘five-star’ small and large-cap funds ‘on hold’ until we have met with MIR to assess the changes to the qualitative team given Mr Evans’ senior role,” he said.

MIR’s long-only funds, MIR Australian Equities Fund, MIR Australian Emerging Opportunities Fund and Advance Concentrated Australian Share Fund have been placed on hold ahead of a meeting between Standard & Poor’s and MIR, which is expected to take place in the next week.

Ostergaard said MIR’s four-star rated long/short fund would not be placed on hold.

“Nor will the Advance Smaller Companies Multi-Blend product, for which MIR is one of three managers,” he said.