S&P puts Navigator funds 'on hold'
Standard & Poor's Fund Services has placed the seven funds in Navigator’s pre select range ‘on hold’ after the 1 July announcement that MLC Investment Management (MLCIM) had replaced Aviva as the principal investment adviser.
Aviva had also retained the services of Mercer as an investment consultant, but that contract has also been terminated with MLCIM to be solely responsible for the funds.
“S&P has a high regard for the multi-management capability of MLCIM, but the change precipitates the need for a ratings review,” said S&P Fund Services analyst Toby Lewis.
“The new adviser has not yet provided details of the selection criteria or investment strategy that will be introduced for the pre select range of funds. MLCIM expects to provide more details in the coming months,” he said.
MLCIM said there would be no immediate changes to the underlying managers, and there would be a review once the appropriate details had been provided, according to S&P.
The seven pre select funds were all rated three stars prior to the change.
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