Challenger-HSBC gets first researcher tick

ChallengerFinancialServices’ purchase of HSBC Asset Management Australia (HSBCAMA) has had its first tick of approval from a research house, with Navigator retaining its ratings on HSBCAMA’s flagship listed and direct property funds.

Following meetings last week with Challenger and HSBCAMA executives, Navigator reinstated its four-star rating for the HSBC Property Securities Fund and its three-star rating for the HSBC Strategic Property Fund.

“Despite the often high level of staff departures following acquisitions, HSBC’s property team has committed to Challenger and it appears that there will only be minimal disruptions to the investment process,” Navigator said.

Navigator’s head of research, Stuart Fechner, said he wanted the final word on the fate of HSBCAMA’s large and small cap Australian equities teams soon. The large cap fund has been on hold since last year anyway, after senior manager Robert Hook left and was not replaced.

Meanwhile, the researcher has placed CreditSuisse Asset Management’s Global Post Venture Capital Fund on ‘hold’.

After recent indifferent performance, the manager announced the fund’s investment focus would shift. Navigator understood its universe would not include companies preparing for an initial public offering, but would instead look more like a traditional global small caps fund.