S&P places Advance fund 'on-hold'

research-and-ratings/portfolio-manager/

20 June 2011

| By Milana Pokrajac |

Researcher 'Standard & Poors (S&P) has given the Advance Asian Equity Wholesale fund an 'on-hold' rating, after the Lion Global Investors' (LGI) Asia-Pacific equities team lost senior managers.

The departures included head of Asia-Pacific equities Janet Liem and portfolio manager for the fund, Tan Jenn Yee. Jan de Bruijn has replaced Liem as head of Asia-Pacific equities, and will also assume responsibility for the team's regional portfolios, including the fund in question.

Lim Fang Suan, who has been with LGI for four years, is now the nominated back-up manager, according to S&P.

S&P stated there had been five departures in total, representing close to one-third of the investment team.

LGI had previously experienced significant turnover between 2005 and 2008, following the merger of OCBC Asset Management and Straits Lion Asset Management.

"We are disappointed to see the reoccurrence of an elevated level of turnover," S&P stated in an announcement. "The departures follow a period of substantially below-benchmark performance."

S&P will formally review the sector in September and meet with the new members of team to resolve the 'on hold' status.

AUTHOR

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