Standard & Poor's Fund Services (S&P) has downgraded the rating of the Pengana Asian Equities Fund from four to three stars, following the departure of a senior technical analyst.
Pengana Capital announced the departure of the fund's portfolio manager and technical analyst Elan Miller prior to Christmas, and S&P has viewed his absence as having a negative impact on the strategy's investment process.
Although Pengana subsequently announced the appointment of Yan Zhang to the technical analyst role, S&P analyst Michael Armitage said he preferred to see Zhang's contribution to the team process more settled and performance proven in order to regain higher conviction in the offering.
Miller joined Pengana in 2004 after spending 14 years involved with hedge funds and managing equity-orientated and arbitrage portfolios.
