Assirt has released new ratings of both Sandhurst Trustees and Norwich Union which look favourably upon recent changes made at the respective fund managers.
Assirt commended Sandhurst for a recent management restructure which resulted in the group’s executive management responsibilities being split between Mike Hirst, who was appointed executive director, and Barry Rochford, who became chief executive of the group.
Assirt says the restructure has resulted in the “appropriate allocation of resources” at Sandhurst, with Hirst taking responsibility for the group’s business and investment strategy while Rochford oversees the general management of the group.
As a result, Assirt maintained Sandhurst’s very strong rating for mortgages, as well as its five star rating of both the Sandhurst Trustees Select Mortgatge Fund and Australian Friendly Society Pioneer Funeral Bond.
On a sector by sector basis, Sandhust was judged very strong for mortgages, competent at fixed interest and strong on Australian shares.
Assirt head of research John Parrish says Sandhurst’s links with owner Bendigo Bank’s distribution have stood the manager in good stead for the future.
“Sandhurst has effectively leveraged off the bank’s expertise in several areas, notably customer service, IT and group treasury,” he says.
“In developing a future growth strategy, Sandhurst has access to the retail branch network and rapidly expanding community banking network.”
Assirt’s appraisal of Norwich’s operations included its relationship with subsidiary Portfolio Partners.
The research house says Portfolio’s Partners’ preparation leading up to the departure in January of its director of investment strategy, David Slack, was adequate enough to ensure the group’s investment management capabilities were not compromised.
Assirt also notes that Norwich Union’s British parent, CGNU, is committed to the Australian market place as shown in frequent communications and the involvement of local management in global investment developments.
In its sector by sector appraisal, Assirt assessed Norwich as very strong for its emerging shares capabilities, strong for Australian equities and high growth shares, and competent in asset allocation, international equities, Australian fixed interest and cash, diversified fixed interest, traditional and high yield fixed interest and property securities.
Assirt says all Norwich and Portfolio Partners funds are rated three stars or higher.
“As parent of Portfolio Partners, Norwich has effectively addressed resourcing and investment process issues, positioning the manager to leverage off its core competencies of equities and fixed interest for future business growth,” Parish says.
