AXA fund on hold
Ratings house Standard & Poor’s (S&P) has placed the AXA Wholesale Global Equity Core Fund ‘on hold’ over what it describes as a breach of the fund manager’s internal policies.
In an announcement released today, S&P said the manager, AXA Rosenberg, had said that its internal policies had not been followed after a coding error was identified in its global risk model.
S&P said the fund would remain ‘on hold’ until issues relating to the management of the research team and its internal process had been rectified.
“While the coding error was identified by the manager in June, 2009, and later rectified between the months of September and November, senior management failed to report the error to the AXA Rosenberg board audit and compliance committee in a complete and timely manner,” the S&P announcement said.
AUTHOR
Mike Taylor
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
