ING Emerging Companies Trust on-hold amid new hires
Standard & Poor’s Fund Services (S&P) has placed the ING Emerging Companies Trust ‘on hold’ following the resignation of lead portfolio manager Sinclair Currie, who will be succeeded by Joel Fleming.
Currie will leave ING early next month to take on a co-portfolio manager role at Challenger’s new boutique, where he will be responsible for its smaller companies and microcap funds.
S&P advised that the funds would remain on hold, pending further clarification about the rotation of analytical responsibilities and new boutique structure.
Joel Fleming, who has recently been promoted to the portfolio manager role, will manage the $420 million ING Emerging Companies Trust.
S&P analyst Andrew Yap acknowledged that Currie’s move represented a considerable loss for ING.
“Although Fleming will receive continued support through ING’s larger-cap Australian equities team, we also believe that his promotion to lead portfolio manager of ING’s flagship small-cap offering represents a significant extension in his overall responsibilities,” said Yap.
He said S&P would continue to monitor ING’s situation closely, and would review its small-cap capability once an analyst has been hired to support Fleming. The company advised it will announce the appointment in near term.
S&P is currently conducting its 2010 small-cap sector review, which will be finished in October.
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.
