CFS fund ratings maintained despite departures
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Ratings house Standard and Poor's has opted to maintain its ratings on two key Colonial First State (CFS) funds despite the departure of the company's head of global resources, David Whitten.
Standard and Poor's said it would be maintaining the four-star rating on the CFS Global Resources Fund and the three-star rating on the CFS Global Resources Long/Short fund despite Whitten's departure because of the manager's logical succession plan.
It said Whitten was being succeeded by senior portfolio manager Joanne Warner and it considered her "the logical successor" as team head.
"We believe that her appointment represents continuity for the team, which remains well resourced in our view," Standard and Poor's analyst Tom Mills said.
He noted that Colonial First Sate Global Asset Management had announced the recruitment of two senior investment analysts and an investment manager and said this underscored the manager's commitment to maintaining a strong team.
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