By Rebecca Evans
AssirtResearch has deemed the departure of HSBC Asset Management’s head of Australian equities Robert Hook as “illogical”, placing all funds previously under his administration on hold.
“We have little confidence in an investment manager that has parted with an individual that promoted a collegial style, delivered investment performance that many large competitors would, frankly, give their right arm for and, to boot, supported important cultural development at HSBC,” Assirt says.
The rating change applies to HSBC’s Australian large cap equity funds and filters through to all diversified funds with an Australian equity content.
“We are bemused by the logic that a head of Australian equities must depart an organisation once cosmetic changes have been enacted and assumes promotion from acting head of Australian equities to head of Australian equities, with attendant satisfactory outcomes, would imply tenure of longer than 11 months,” Assirt says.
According to Assirt, Hook departed due to the completion of a set task.
But Assirt says the task bestowed to Hook had not been completed — including establishing a dedicated team of co-managers for each core fund, boosting the team with additional analytical resources and refining the team structure and dynamics to ensure collective responsibility for all investment decisions.
