Morningstar places all Delta Lloyd funds under review
Following the Rotterdam administrative court decision to uphold the fine imposed on the Dutch group Delta Lloyd, Morningstar has now announced that it placed all Delta Lloyd funds “under review.”
As InvestmentEurope reported earlier, Delta Lloyd had been fined by the Dutch Central Bank (DNB) due to possible abuse of insider information, which led to the resignation of it’s CFO Emiel Roozen and its supervisory board chairman Jean Frijns.
According to Morningstar, Delta Lloyd’s response to the fine on 3 August suggested for the first time a possible involvement of its asset management division in the insider trading case, since it was fined €750.000 by Dutch regulator Autoriteit Financiële Markten (AFM). Delta Lloyd has now contested the AFM fine.
Jeffrey Schumacher (pictured), fund analyst at Morningstar commented on the decision: ”With the appeal pending, Delta Lloyd Asset Management is currently not available for comments. This makes it impossible to assess the potential risks for investors. As soon as we have further information on the exact role of the asset management division and the result of the appeal against the AFM fine, we will update our assessment of the asset manager.”
More on Investments
