S&P loses another financials specialist
Standard & Poor’s (S&P) has placed the CFS Wholesale Global Share Funds ‘on hold’ amid the departure of financials specialist Nonie Zaremba.
The head of the team, Habib Subjally, has once again assumed interim coverage of financials, in addition to his ongoing management responsibilities, according to S&P.
S&P Fund Services analyst James Gunn said sector specialists like Zaremba were an integral component in the operation of the fund.
“Compared with the more common portfolio manager/analyst decision making structure, the team's sector specialists are the key decision makers for the fund,” Gunn said.
“This helps empower the specialists but also increases the team's sensitivity to departures," he said.
Zaremba only joined the team in March, replacing two financial specialists who departed the company in November 2010.
At the time, both the CFS Wholesale Global Share and CFS Wholesale Geared Global Share funds were downgraded to three stars as part of S&P’s most recent global equity sector review.
The team’s health care specialist subsequently resigned in June, and has now been followed by Zaremba.
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