IOOF upgraded to four stars
IOOF Investment Managementhas been upgraded from a three to a four star rating following a review of its cash, fixed interest and international equity funds byMorningstar.
IOOF’s upgrade now enables the investment manager to carry the label ‘very good quality’ fund manager, a step up from the ‘good quality’ tag Morningstar handed down for the group in July this year.
In Morningstar’s view, IOOF’s commitment to the areas of cash and fixed interest, which represents roughly half of the IOOF group’s funds under management, strongly contributed to the upgrade.
The long serving members of IOOF’s fixed interest team also held the group in good stead with Morningstar, with IOOF’s head of fixed interest Glenn Feben having been with the manager for more than 14 years. Feben is also supported by an experienced team of Frank Uhlenbruch, Stephen Chivers, and Michael Swan, who average 18 years industry experience.
The group’s international equities has also been praised by Morningstar, with the ratings agency stating that through the group’s subsidiary, Perennial Investment Partners, IOOF has been able to adopt a disciplined active approach to investing. Perennial has also helped boost the number of staff within IOOF’s international equities division.
IOOF now joins fellow four star rated groups AMP, ING, JBWere, Merrill Lynch, MLC, Rothschild and Zurich.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
