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Ratings house Standard & Poor’s (S&P) has placed the AXA Wholesale Global Equity Core Fund ‘on hold’ over what it describes as a breach of the fund manager’s internal policies.
In an announcement released today, S&P said the manager, AXA Rosenberg, had said that its internal policies had not been followed after a coding error was identified in its global risk model.
S&P said the fund would remain ‘on hold’ until issues relating to the management of the research team and its internal process had been rectified.
“While the coding error was identified by the manager in June, 2009, and later rectified between the months of September and November, senior management failed to report the error to the AXA Rosenberg board audit and compliance committee in a complete and timely manner,” the S&P announcement said.
