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S&P assigns Four-Star ‘NEW’ ratings to OnePath Emerging Markets and Companies Trusts

04 May 2012
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Standard & Poor’s Fund Services today assigned four-star ‘NEW’ ratings to the OnePath Wholesale Global Emerging Markets Share Trust and OnePath Wholesale Emerging Companies Trust. The funds were previously rated ‘On Hold’. 

In February 2012, OnePath Funds Management Ltd., as responsible entity, announced its decision to move to an investment-manager partnership model. This follows last year’s acquisition of ING Investment Management (INGIM) in Australia by UBS Global Asset Management (UBS Global AM). The former ING single sector funds were rebranded OnePath funds; these funds will now be managed by a group of specialist investment managers. 

UBS Global AM has been selected to manage the OnePath Global Emerging Markets Share Trust, and Karara Capital has been appointed investment manager for the OnePath Emerging Companies Trust. Uncertainty had existed in relation to the INGIM business—and specifically these funds—for some time. The funds required a settled home—we view UBS Global AM and Karara Capital as appropriate choices. 

“UBS Global AM’s core/value emerging-markets equities team is well resourced, highly experienced, and very stable. We view the investment process as disciplined, consistent in its application, and strongly aligned with the manager’s core/value investment philosophy. The approach has operated for a long period of time, and is proven over a full market cycle,” said S&P Fund Services analyst, Nathan Bode. 

“Karara Capital is well known to S&P and is held in high regard. Our favourable assessment of Karara is testament to its investment team, and in particular, the strength of its co-portfolio manager structure. While the pairing of David Slack and Nick Greenway is relatively new, we believe they bring experience and complementary skills to an investment process that provides them with sufficient flexibility to express their best ideas,” said S&P Fund Services analyst, Andrew Yap.

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