Van Eyk puts ‘Hold’ on BT/Sagitta listed property
The influential van Eyk research group has placed BT/Sagitta’s listed property funds on a ‘Hold’ rating following the recent resignation of the group’s head of listed property, Carlos Cocaro.
The research house says Cocaro, who announced his departure last month after eight years with the group, was an integral part of the BT/Sagitta team’s active management of listed property securities.
Van Eyk says Cocaro’s temporary replacement, Antoinette Platter, has no previous portfolio management experience, although she has been with Sagitta’s listed property team for six years.
The research house says the fact that Platter was not immediately appointed as a permanent replacement for Cocaro may indicate “BT/Sagitta may not have complete confidence that [she] has the capability to fulfil the portfolio management responsibilities”.
The InvestorWeb research group has previously downgraded the rating of BT/Sagitta’s listed property team from ‘Exceptional Buy’ to ‘Strong Buy’ as a result of Cocaro’s departure. However the downgrade did not affect the BT/Sagitta’s overall ‘Investment Grade’ rating in the listed property sector.
Van Eyk will review the ‘Hold’ rating during its review of the listed property sector later this year.
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