Standard & Poor’s Fund Services have announced that there would be no change to the ratings on the Advance Property Securities Multiblend Fund, or the Advance Australian Shares Multiblend Fund, following an announcement by Advance Asset Management Ltd. regarding changes to the funds.
The changes to the property securities fund represent significant, multiple changes to the underlying manager line-up, following Advance’s full review of the capability.
For the property securities fund, Advance has added two global property-securities managers AMP Capital Investors Ltd. and Principal Global Investors Ltd. and has removed Perennial Investment Partners Ltd. and CBRE Clarion Securities LLC as investment managers. Advance has also added an Australian property securities fund manager, Phoenix Portfolios Pty Ltd. Each of the three new managers will hold a target allocation of 25%, with the remaining 25% continuing to be managed by existing manager, European Investors Inc.
Coinciding with the appointment of Phoenix, Advance has adopted the S&P/ASX 300 A-REIT Accumulation Index as the benchmark for the A-REIT allocation.
Advance has also made changes to its Australian Shares Multiblend Fund manager composition, replacing Ausbil Dexia with newly appointed Bennelong Australian Equity Partners. Advance has also changed BT Investment Management’s mandate from its core strategy to a higher-conviction strategy.