S&P places AMP and EQT funds 'on hold'
Standard & Poor’s Fund Services (S&P) has placed two AMP Capital Investors (AMPCI) funds and the Equity Trustees (EQT) SGH Wholesale Absolute Return Trust (ART) ‘on hold’, following key departures from both funds.
S&P has placed the AMPCI Sustainable Share Fund and the Responsible Investment Leaders Australia Share Fund ‘on hold’, following AMP’s announcement that head of sustainable funds Michael Anderson will become less involved in the funds.
Anderson has been replaced by Ian Woods, who is head of environmental, social and governance at AMPCI.
S&P analyst Sheela Veerappan said that the rating was the result of concerns about Woods’ workload.
“We have concerns about the extent of Woods’ responsibilities. Bedside his ESG research, Woods is also actively involved in ESG commitments,” Veerappan said.
S&P said that the AMPCI funds’ ‘on hold’ status would be reviewed as part of its current Australian Equities – Large Cap sector review.
The EQT ART has been placed ‘on hold’ following the announcement that Frank Bongiorno and Michael Clarke have left the firm. Long/short portfolio manager Clarke and technical analyst Bongiorno formed half of the four-member team at ART. Senior portfolio manager Sam Scollo will take on their responsibilities, according to S&P.
S&P was concerned about the new strategy at ART following an internal review of the trust conducted by SG Hislock.
The ratings company said that it expected to review the ‘on hold’ status of the EQT fund in June, 2011.
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