Macquarie International Infrastructure Securities Fund rating unaffected by team departure
Standard & Poor’s Fund Services today announced that there is no change to the four-star rating on the Macquarie International Infrastructure Securities Fund.
This follows the announcement that Justin Lannen, current portfolio manager for the fund, is to leave the team for personal reasons.
Portfolio manager Andrew Maple-Brown, who is New York-based, will return to Sydney in April to manage the fund. Mr Maple-Brown managed the fund prior to his move to New York almost three years ago. Importantly, the fund remains based on a model portfolio determined by a three-person portfolio manager team (comprising CIO Brad Frishberg, Mr Maple-Brown, and the recently promoted Anthony Felton).
S&P’s decision not to take rating action at this time reflects the longer-than-average lead time, portfolio-manager team structure, and fact that Mr Maple-Brown has managed this fund previously.
S&P intends to meet with Mr Maple-Brown in April (well before Mr. Lannen’s expected departure), and will reassess the fund and its rating at that time.
