Standard & Poor’s Fund Services has placed three Macquarie Investment Management Ltd. funds ‘On Hold’, following the resignation with immediate effect of portfolio manager Neil Carter, and analysts Jim Copland and Matthew Griffin. All three were members of Macquarie’s fundamental Australian equities team.
Mr Carter managed Macquarie’s Australian Small Companies Fund and Australian Microcap Fund, which we have placed ‘On Hold’.
We have also placed ‘On Hold’ the large-cap Macquarie High Conviction Fund, given the significance of all three team members to the broader team, and the impact of their departure on the remaining team members. Macquarie has a broad-cap team structure, in which Mr Copland and Mr Griffin were responsible for researching both large- and small-cap resources companies.
As an interim measure, Mr Carter’s funds will be overseen by senior colleagues, listed equities division head, Patrick Hodgens, and portfolio manager Mark Harrison, who is responsible for the Macquarie High Conviction Fund. As well as Mr Hodgens and Mr Harrison, the team has six additional analysts, including senior members such as head of research Andy Kovacs.
We are monitoring developments and will reassess the ‘On Hold’ ratings when we have more clarity over the steps Macquarie will take in response to these team departures.