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 has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
