BT holds ratings after manager changes
Several BTIM funds will hold their Standard & Poor’s ratings despite a reshuffle among the portfolio managers, S&P has announced.
The manager of the BT Wholesale Imputation Fund, the BT Wholesale Geared Imputation Fund and the BT Wholesale Ethical Share Fund, Jack Chemello, plans to take sabbatical leave. As a result, BTIM’s head of equities, Crispin Murray, will take over the Ethical Share Fund, while the imputation funds will be co-managed by lead portfolio manager Jim Taylor and co-portfolio manager Andrew Waddington.
Chemello will assist with the transitional changes from their implementation on 1 December, although the date of his departure is currently unspecified.
A senior analyst will be recruited in order for BTIM to relieve the managers of their analyst duties and to assume coverage of the financials sector, according to S&P.
Taylor and Waddington have worked together for a number of years and have suitable portfolio management experience, S&P stated.
The ratings house also has a high regard for the BTIM Australian equities team, which should be able to manage the changes effectively and without loss of continuity.
The imputation funds are currently rated five stars and the ethical fund four stars, and there will be an Australian equities review in early 2011, S&P stated.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
