S&P removes 18 'on-hold' ratings
Standard & Poor’s (S&P) Fund Services has removed the ‘on-hold’ ratings from a further 18 funds, which the company assigned in September due to the actions of global regulators.
S&P Fund Services analyst Simon Scott said the funds were part of international-equity long/short funds, which have reduced exposure and are holding strong cash positions ready to take advantage of new opportunities that have presented themselves after the recent volatility in global markets.
“S&P continues to hold conviction that these funds can meet their objectives over their stated time periods,” he said.
“Of the initial 57 funds placed ‘on-hold’, 40 have now had their ratings reinstated. The remaining peer groups affected are quantitative long/short funds and some Australian long/short funds.
“S&P will continue to monitor and request information from its rated managers across all of its peer groups and the remaining managers rated ‘on-hold’ will have their ratings reviewed once S&P is comfortable and able to form conviction from the information received. S&P will continue to update clients on an ongoing basis,” Scott said.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
