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Military Super mandate loss carries a cost
The SCM Wholesale Absolute Australian Equities Fund has maintained its two-star rating with Standard & Poor’s despite losing its mandate with Military Super.
The ratings house this week announced that it would not be altering the rating despite the Military Super decision.
It said that Military Super has $3.3 billion in assets, which formed a significant proportion of SCM’s funds under advice but that it had already factored in the possibility of SCM losing the mandate.
“We noted the sensitivity of SCM’s overall business and the value proposition of the fund specifically to this potential event in our report on the SCM fund,” the S&P report said. “We had already weighed up the possibility of the events as they transpired in our assessment of the fund and our rating.”
AUTHOR
Mike Taylor
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