S&P places CFS funds on hold
Research house Standard & Poor’s (S&P) Fund Services has placed two Colonial First State (CFS) funds on hold, following the resignation of another financials analyst, Vincent Houteville.
Funds affected are CFS Wholesale Global Share Fund and Wholesale Geared Global Share Fund, both with a previous rating of four stars.
S&P Fund Services analyst Simone Arblaster said it was the second departure from the team over the past three months.
Rupert Welchman resigned in August 2010 to join another organisation in the financial services industry, and Houteville absorbed his responsibilities.
“We therefore consider this second departure a material loss, given there is now no permanent analyst covering financials,” Arblaster added.
The departing analyst will remain with the organisation until the end of 2010, with head of the global equities team, Habib Subjally, to take charge of financials.
Justin McCarthy, financials analyst from the Australian growth team and a graduate, will also be offering support and assistance in the United Kingdom. The search is already underway for a suitable replacement.
S&P is currently conducting the international-equities sector review and is due to review the funds in December 2010. The research house confirmed it would seek to resolve the ‘on hold’ status of the global funds.
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