AXA global growth fund rating unaffected by restructure
AXA’s decision to restructure its growth portfolio research teams under a single team of sector heads will not affect its rating, according to Standard & Poor’s (S&P).
The AXA Wholesale Global Equity Growth Fund was downgraded to three stars on 22 March due to concerns about senior staff instability, said S&P Funds Services analyst John Huynh.
Since team instability was taken into account at the time of the March review, today’s announcement by AXA has not had any further effect on S&P’s conviction or rating of the fund, he said.
However, Huynh said that although he did not expect the restructure to have a significant effect, the change to the investment decision-making structure could lead to an increase in portfolio turnover in the near term.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
