IOOF/Perennial receives nod from Assirt
By Freya Purnell
FOLLOWING a turbulent year for senior management andIOOF’s Australian stock market listing in December 2003, IOOF/Perennialhas been issued with a ‘competent’ rating on business management and asset allocation capability, and a ‘strong’ rating for operating capability byAssirt.
While Assirt believes that “IOOF has transformed into a lean, high-growth business from a trade union-linked mutual organisation”, it says that going forward “sustained high growth, diverse group structure and the ASX listing will test the organisation’s collegial culture”.
Assirt also says IOOF has diversified its product range and distribution channels to become a full service fund manager, providing an effective operating platform for boutique investment companies to maintain their focus on investing.
In terms of capability in various asset classes, IOOF/ Perennial received a ‘very strong’ rating for Australian fixed interest.
“Perennial’s stable Australian bond team utilises a proven investment process to produce consistent long-term results and also manage cash, seeking incremental gains through the use of floating rate notes.”
The Perennial Value team received a ‘strong’ rating in Australian equities for its active selection of companies with stable financials, while “avoiding the ‘value trap’ companies that are cheap for a good reason”.
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