Standard & Poor’s has reacted to the departure of Perennial Investment Partners joint head of international equities Kerry Series last Friday by placing two funds under review and follows other rating changes last week.
S&P has placed the IOOF Flexi-Trust: International Equities Trust and the IOOF/Perennial International Equities Trust under review pending the outcome of Perennial appointing a new international equities group head.
“The fund’s ratings are placed under review pending the appointment of a replacement and the opportunity for Standard & Poor’ analysts to meet the new appointee,” S&P says.
Last week Perennial had all its international equities funds placed “on hold” by Assirt Research.
Assirt said Series was the “key man for international equities at Perennial” and that it would maintain the hold rating until it can reassess the group’s ongoing capabilities in the oversees equities asset class.
Series, who has been with Perennial since its launch 1999, left the group on Friday to take up a senior role with HSBC in its Hong Kong office.
He was replaced by Diane Lin, the manager of Perennial’s Japan portfolio for the past five years.
