Ankura Capital closes door
The decision by major institutional player BNY Mellon Asset Management to close its boutique Australian equities business Ankura Capital has not affected the rating of the Russell Enhanced Income Fund.
Ratings house Standard & Poor's Fund Services has announced there will be no change to the three-star rating on the Russell fund in circumstances where Ankura was managing the equivalent of 19.5 per cent of the fund's total portfolio.
S&P noted that following notification, Russell Investment Management had repatriated that portion of the Russell Enhanced Income Fund portfolio managed by Ankura Capital.
It said the money had been invested in a separate mandate that largely replicated the Russell High Dividend Australian Shares Index and would "remain so until a replacement fund manager is contracted".
S&P said the decision to retain the three-star rating was based on its view that, assuming a new manager is appointed over the shorter term, it did not believe the changes would adversely impact the manager's ability to achieve the objectives of the fund.
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