Ratings house Standard and Poor’s Fund Services (S&P) has placed the Austock Australian Equities Fund ‘on hold’ following the departure of a key portfolio manager, Silvio Gasparet.
S&P Fund Services analyst Anthony Karaminas said Gasparet played a pivotal role within the fund, with his experience and knowledge driving many aspects of the investment process and guiding a relatively small and junior team.
“The fund will remain ‘on hold’ until clarification surrounding replacement of staff has been finalised. S&P expects to be in a better position to determine the rating impact at this time,” he said.
The Austock Australian Equities Fund had a previous S&P rating of three stars.
