Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Ankura Capital closes door

asset-management/cent/fund-manager/

16 November 2011
| By Anonymous (not verified) |
image
image image
expand image

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. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 week 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 weeks 5 days ago

So we are now underwriting criminal scams?...

6 months 3 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

2 weeks ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

3 weeks 6 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3