No onshore funds received an AAA rating from Standard & Poor's in its latest review of global equiti...
No onshore funds received an AAA rating from Standard & Poor's in its latest review of global equities funds.
The onshore Fidelity MoneyBuilder and Wealth-builder funds, which are both AAA-rated and listed in the IMA's global growth sector, are included by Standard & Poor's in its managed funds review to take place later in the year. In all 12 offshore funds received AA ratings.
A number of onshore funds did receive AA ratings including GAM International Growth which was the only onshore fund to see its rating rise.
S&P's analysts found that the GAM fund has one of the best risk reward profiles in the global equities sector and ranked top decile over the past three and five years to 1 June 2002.
Funds to lose their ratings entirely included Aberdeen's Global Champions Fund, initially managed by Katherine Garrett-Cox, but passed to manager James Clunie, however S&P said the manager needs to prove himself in the role.
Also downgraded from A to unrated is the Baring Global Growth fund to reflect the upcoming retirement of manager James Williams at the end of 2002.
S&P said: 'The loss of James Williams as fund manager and head of Baring's Strategic Policy Group, which he has chaired since 1991, is bound to have some negative impact, as are changes within some of the regional teams, Europe in particular.'
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till