S&P puts Hunter Hall funds 'on hold' following departure
Following the departure of Jack Lowenstein, deputy CIO and senior portfolio manager, Standard & Poor's Fund Services placed six of the seven Hunter Hall funds on hold.
Lowenstein had been with Hunter Hall for 14 years, and was considered a key team member managing approximately one fifth of Hunter Hall's firm-wide assets under management, according to S&P.
"S&P will meet with Hunter Hall next week, and seek to understand how Mr. Lowenstein's investments will be managed, before reviewing the 'On Hold' ratings," said Justine Gorman, analyst at S&P Fund Services.
The Hunter Hall funds affected by the announcement include: Australian Value Trust, Global Ethical Trust, Global Deep Green Trust, Global Ethical Trust Hedged, Asian Value Trust and the Value Growth Trust.
Hunter Hall announced yesterday that with Lowenstein's departure, long-standing senior portfolio manager James McDonald had been appointed to the position of deputy CIO.
The company said it had a long-standing succession plan to handle eventualities such as Lowenstein's departure.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
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.
