Colonial First State fund regains three-star S&P rating
Ratings house Standard & Poor's Fund Services has lifted its 'on hold' rating on the CFS Wholesale Aust Share Long Short Core Fund and rated the fund as three stars.
The ratings house said this represented the reinstatement of the three-star rating prior to the fund being placed 'on hold' in September 2011 following the retirement of the senior portfolio manager for the product, Martin Littler.
Commenting on the move, S&P Fund Services analyst Michael Armitage said the decision to reinstate the fund's rating was based on portfolio manager Wayne Gentle's ability, and the broader resources offered to him in the management of this product through the CFS core equity team.
"While we view Mr. Littler's departure as a negative, the repeatable core stock-selection process will mitigate the loss of experience from the team due to Mr. Littler's retirement," he said.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
