Investment research firm van Eyk has decided to downgrade the AXA Wholesale Australian Equity Value Fund after analyst Gates Moss resigned from the Fund’s Australian manager, AllianceBernstein Australia Ltd.
The Fund has been downgraded one level, from an A to a BB.
The departure of Dr Moss is a significant loss to the Fund, even though van Eyk has a high regard for the remaining members of the team.
Dr Moss covered materials, energy, chemicals, utilities and engineering services at AllianceBernstein, He is an experienced analyst with a management consulting background and holds a Ph.D. in Materials Science and Engineering.
van Eyk Head of Ratings Matt Olsen said Dr Moss had consistently displayed deep industry and stock insights over a number of review meetings with van Eyk.
“The departure of Dr Moss weakens the analytical depth of the team relative to its peers,” Mr Olsen said.
AllianceBernstein has begun an executive search for a replacement for Dr Moss. In the meantime Anthony Moran will pick up the coverage of Energy and Utilities, AllianceBernstein’s global commodities team will cover mining stocks and Roy Maslen will cover three steel companies that he has previously covered.
Dr Moss will join the team managing the Colonial First State Global Asset Management Wholesale Australian Share – Core Fund. van Eyk views this development as positive for the Fund although its overall rating remains unchanged.