Austock funds lose Morningstar recommendation
Researcher Morningstar has withdrawn its recommendations from Austock Asset Management’s
Australian equities funds, following the announcement by Austock of a rationalisation of its investment management operations.
Senior research analyst Chris Douglas said the rationalisation, which has seen four key investment team members depart since September 19, has resulted in a “greatly diminished asset management capability”.
“The process is now appreciably weaker and after such substantial change, there is no longer an investment case for remaining.
“We therefore recommend investors in Austock’s Australian equities funds reconsider their options,” he said.
Austock portfolio manager Silvio Gasparet resigned on September 19, while investment manager Stuart Larke, equity analyst Wesley Nation and investment manager Adam Scully have been made redundant.
Managing director Alan Sheen will take over day-to-day responsibility of the Australian equities portfolio, which, according to Morningstar, totals “only $60 million in assets”.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
