Changes at Aberdeen impact ratings
Ratings house Standard & Poor's has placed three Aberdeen fixed interest strategies 'on hold' following the departure of a senior portfolio manager.
S&P also pointed to a restructure within Aberdeen.
The ratings house said the funds to be placed on hold were the Aberdeen Australian Fixed Income Fund, the Aberdeen Australian Floating Rate Income Fund and the Aberdeen Diversified Fixed Income Fund.
It said the decision to place the funds on hold had followed the announcement that senior portfolio manager Stuart Dear would be leaving the firm at the end of the month.
"We view this as a significant departure and have placed three strategies 'on hold'," S&P fund analyst David Erdonmez said.
He said the 'on hold' decision would be reviewed when further details of Dear's replacement were known.
S&P pointed to the fact that Aberdeen had also communicated a restructure within its global fixed income business which had seen the heads of global macro, global credit and global macro strategy - Kieron Nutbrown, Richard Dyer and Jon Cunliffe - exiting the company.
It said Aberdeen's head of emerging markets Brett Diment had taken on the expanded role of head of emerging markets debt and sovereign debt, while Oliver Boulind was the new head of global credit and Jozsef Szabo was the head of global macro.
Recommended for you
Marking off its first year of operation, Perth-based advice firm Leeuwin Wealth is now looking to strengthen its position in the WA market, targeting organic growth and a strong regional presence.
Financial services software firm Iress has unveiled a new business efficiency program with the aim of permanently lifting its profit margin as the business enters a leaner, growth-focused phase.
AUSIEX has revealed the top traded stocks for October, noting significant jumps in advised investor trading, while ETFs also reported higher activity.
The Financial Advice Association Australia has implored advisers to reevaluate their exposure to AML/CTF obligations ahead of new reforms that will expand their compliance requirements significantly.
