Funds update: Fidelity and ING IM ratings, Merchant Capital Ucits, Citi Lux securities desk
Fidelity loses Swiss fund rating, ING IM Liquid Euro fund gains top rating, five Ucits funds set to launch on Merchant Capital platform, Citi opens Lux securities desk
Fidelity loses Swiss fund rating, ING IM Liquid Euro fund gains top rating, five Ucits funds set to launch on Merchant Capital platform, Citi opens Lux securities desk
Fidelity Funds Switzerland fund – updated
Following the announced departure of Jonathan Ogier, manager of the Fidelity Funds Switzerland fund, in August 2011, Old Broad Street Research (OSBR) has removed the fund’s A Rating. The fund has also been withdrawn from the OBSR global ratings service.
Alberto Chiandetti takes over management of the fund from 1 August 2011. Until then, Chiandetti, who manages the Fidelity Funds Italy fund, will work alongside Ogier to aid the transition, OBSR said. Chiandetti will run the fund alone.
OBSR plans to meet with Chiandetti after approximately two months of running the fund, with a view to deciding whether to rerate it.
“It may take a few meetings to get to know Mr Chiandetti, particularly if he aims to change the process and philosophy of the fund”, said the ratings agency.
ING IM Liquid Euro fund
The flagship European money market fund from ING Investment Management (ING IM) has received an AAAm principal stability fund rating from Moody’s, the top ranking in criteria set for money market funds by the ratings agency.
The AAA-mf rating serves as recognition the fund meets the dual objectives of providing liquidity and preserving capital for investors, as per a recent review by Moody’s, said ING IM.
Merchant Capital Ucits platform
Five Ucits funds are set for launch on Merchant Capital Ltd’s flagship Dublin-domiciled platform.
The funds, due to launch before 1 September 2011, will each have between $25m and $100m of assets under management, said Merchant Capital.
They will cover a variety of strategies, from a US exchange traded fund to a Russian equity long/short fund.
