Alliance Bernstein appoints new Australian growth portfolio manager
Alliance Bernstein has appointed a new Australian growth portfolio manager following the sudden departure of Johan Carlberg.
Standard & Poor’s (S&P) Fund Services last week placed ‘sell’ ratings on the AXA Wholesale Australian Equity Growth Fund, the AXA Generations Alliance Capital Australian Equity Growth Fund and the AXA Wholesale Australian Equity Industrials Fund following the departure of Carlberg and three other analysts, who all resigned on the same day.
The portfolio management team has been re-organised, with former director of research Ed Rayner appointed to the portfolio management leadership roll.
AXA stated it is confident client funds are being managed by a team of skilled and experienced equity investment professionals.
The number of team members, however, has dropped from eight to four following the departures, which led to three retail research houses recommending ‘on hold’ ratings, while S&P recommended ‘sell’ ratings.
S&P’s ‘sell’ rating followed concern at the loss of experience and investment insight, as well as the reduction in the team’s size.
Alliance Capital’s Michael Bargholz asserted that despite the departures, the portfolio is in good shape.
“It’s being managed by four people who are very capable and very skilled,” he said, adding that one of the strengths of being a large company is that it is able to redeploy resources when people depart.
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