Fortis fund 'On Hold' after CIO departure
Monday, 13 October 2008 12:30pm
Fortis Investment's High Income Global Property Securities Fund has been put "On Hold" by ratings house Standard and Poor's following the retirement of Nancy Holland, chief investment officer for the property team.
Holland is leaving Fortis at the end the year following ten years with the investment management group and ABN Amro.
Taking over Holand's place is Matt Hoult, Fortis' head of the Asian region for the fund. His transition to the new role is expected to commence by the end of the year, prior to Holland's retirement.
"It is expected that Mr Hoult's appointment will precipitate the need for additional analytical resources in the Asia region, to assume at least some of Mr Hoult's stock coverage responsibilities," said S&P Fund Services analyst Peter Wward.
The fund will remain ‘On Hold' until several imminent changes in Fortis' team, management line up and organisation in the coming year, said S&P.
In view of the imminent change in the fund's global portfolio management, other expected team changes, and the potential for further organisational effects caused by the second corporate ownership change in a year - in April 2008, ABN Amro Asset Management (Australia) Ltd. became part of Fortis Investment Management SA - the fund will remain 'On Hold' until each of these transitions has been completed, said S&P.
Ruth Liew
