Standard & Poor’s Fund Services has announced that there would be no change to the rating on the Perpetual Industrial Share Fund following an announcement by Perpetual Investments that, from April 1, 2012, the portfolio manager line-up will change.

Portfolio manager Charlie Lanchester will have his share of the fund increased from 50% to 70%, while portfolio manager Vince Pezzullo assumes responsibility for the remaining 30%.

Matt Williams, head of equities, will relinquish portfolio management duties for the fund. The change is due to Mr Williams’ increased responsibilities as head of equities, and also recognises Mr Pezzullo’s performance as an analyst. Mr Pezzullo has 18 years’ investment experience and S&P considers him a senior and capable investment professional. Mr Pezzullo has been co-managing Perpetual’s Asian incubation fund for the past two years.

S&P will meet with Perpetual prior to April 1 to review these changes. In the meantime, we have sufficient conviction in Mr Lanchester and Mr Pezzullo to maintain our current rating on the fund.