Standard & Poor’s Fund Services today lowered its rating on Pengana Asian Equities Fund following Pengana Capital Ltd’s announcement of the departure from the team of Elan Miller. Mr Miller was previously a portfolio manager and technical analyst for the strategy.
S&P views the departure as having an impact on the investment process of the fund. New team member MrYan Zhang has joined to fill the technical analyst function for the strategy.
“While we view Mr Zhang as capable, we prefer to see his contribution to the team process more settled and performance proven in order to regain higher conviction in the offering,” said S&P Fund Services analyst Michael Armitage.
