Austock fund ‘on-hold’
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.
Recommended for you
ASIC believes advice licensees are the “first line of defence” when it comes to future product failures and is urging them to monitor their approved product lists.
Assistant Treasurer, Daniel Mulino, is keen to progress the second tranche of DBFO reforms, acknowledging it is hard for advisers to get the full picture of the legislation without both parts.
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 this is believed to have occurred.
Pinnacle Investment Management has made a strategic investment in private capital investment firm FinCap to support a new managed accounts platform.
