Challenger property securities funds 'on hold'
Standard & Poor's Fund Services has placed Challenger’s domestic and global property securities funds ‘on hold’ following the departure of long-serving co-portfolio manager John White.
Co-portfolio manager John Longo remains with the firm and will lead the team of three analysts. Longo will continue to represent the region as a global portfolio manager, according to S&P. The global fund is managed under a strategic alliance between Challenger Managed Investments and Chicago-based Heitman LLC.
“We think the departure of John White is a material loss given his role as a global portfolio manager and his considerable industry experience,” said S&P Fund Services analyst Kelly Napier.
“But of equal importance was his leadership role within the team alongside co-portfolio manager John Longo, and their long and successful history of working together managing this fund,” she added.
The affected funds are the previously four-star rated Challenger Wholesale Property Securities Fund and Challenger Property Securities Fund, and the three-star Challenger WS Global Property Securities Fund.
S&P said the ‘on hold’ rating for the domestic fund will be resolved when S&P meets with the investment team within the next two weeks, while the rating of the global fund will be resolved at the completion of S&P’s international property sector review, which commences next month.
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