Despite favourable views on the products, S&P has downgraded the North Protected Growth and Protected Investment Guarantee to a rating of ‘Strong’ and the North PRG to a ‘Sound’ rating. 

“Overall, we continue to believe that North offers investors an effective mechanism to help protect wealth by managing the downside risk of investment markets. However, since our last review there have been several changes to the features of these products,” said S&P fund analyst Josh Hall. 

In an important change affecting investor choice, the list of available investment options over which protection is available has been reduced significantly and now only contains diversified multi-manager products managed by AMP subsidiary, ipac. 

In addition, the costs associated with the protection mechanism have also increased by between 10 and 45 basis points per annum depending on the risk profile and investment time frame. 

“As a result of this reduced flexibility and increase in cost we have reduced our overall conviction in the North Protected Growth Guarantee, Protected Investment Guarantee and PRG products,” said Mr Hall.

6 July 2012

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Associate Director Josh Hall and Rating Specialist Matthew Conacher have joined the S&P Research team’s Sydney office, while Rating Analyst Leader Simatupang has joined the team’s Melbourne office. Research Analyst Madeline Yang has joined the Wealth Management Services team and is also based in Melbourne.  

“This intake of fresh talent represents S&P Fund Services’ commitment to excellence in research, and will add to our already highly effective and efficient team,” said Leanne Milton, Head of Research at S&P Fund Services. 

“The new recruits come from a variety of backgrounds within the finance industry and will enhance diversity, and broaden the scope of knowledge the team has,” she said. 

Financial planners and advisers benefit from the independent opinion that S&P’s Fund Research, and Wealth Management Services teams, offer in the Australian marketplace.

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