Invesco Australian funds put on hold
Invesco Asset Management’s Australian funds have been put on hold by research group Assirt.
Invesco Asset Management’s Australian funds have been put on hold by research group Assirt.
This is despite claims made this week by Invesco’s head of funds marketing John Ntatsopoulos that it was “business as usual for our Australian clients” following the removal of Invesco’s Australian managing director Nigel Hale and the group’s Australian investment team, led by chief investment officer in Australia Tom Cot-tam.
The Invesco Australian Small Companies Fund, previously three star rated by As-sirt, and the two star rated Invesco Australasian Growth Fund, are the two fund af-fected by the announcement.
The ratings of the four investment grade-rated Invesco funds — the Asian Growth Fund, Wholesale Asian Growth Fund, International Bond Fund and Wholesale In-ternational Bond Fund — remain unchanged.
The decision to place the hold recommendation was due to concerns of a change in staff at Invesco’s Hong Kong offices. Earlier this week it was announced that the Australian investment management operations for the group were to be moved to Hong Kong. The reason behind the announcement, according to the group, was to align Invesco’s Australian investments to a broader, regional-based Asian focus. Responsibility for Invesco’s $80 million Australian investment portfolio has been handed over to a regional team of 14 investment managers.
“Invesco has assured us that there will be few changes to the Australian equities investment process, despite this move. However, personnel changes in Hong Kong are imminent,” a statement from the group reads.
The announcement by Assirt is pending of “a more complete review” to be con-ducted mid-March.
AUTHOR
Samantha Walker
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
