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.

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