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.
Recommended for you
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.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
