Standard & Poor’s Fund Services today announced that its four-star rating on APN Funds Management Ltd’s APN AREIT Fund is not affected following the announcement that Andrew Smith, fund manager, real estate securities, will be leaving APN.
While Mr Smith was an important member of the team and had primary stock coverage responsibility for the A-REIT fund, the team continues to be led by experienced portfolio manager Michael Doble and remains well resourced.
S&P will be reviewing the fund in its forthcoming A-REIT fund sector review.