Aberdeen multi-manager funds see rating drop

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Aberdeen multi-manager funds see rating drop

Aberdeen’s suite of multi-manager funds has been downgraded to neutral by ratings giant Morningstar less than a year after Mark Harries and Simon Wood took charge.

The pair’s Aberdeen Multi-Manager Diversity and Aberdeen Multi-Manager Select Boutiques - which the duo ran at Swip and followed them to Aberdeen - were already rated neutral but the incumbent Aberdeen funds had held a bronze rating.

Now the whole suite of seven funds sit on a neutral rating.

Morningstar said the performance of Multi-Manager Diversity and Multi-Manager Select Boutiques had been “mixed” and “generally disappointing since 2008”.

“The addition of a significant asset allocation input from Aberdeen’s global strategy team, and the move to focus on performance relative to peers (rather than absolute returns), could help the managers get back on track, but it is too early to judge at present,” Morningstar said.

Mr Harries and Mr Wood took over as the leaders of the multi-manager team in July last year after Aidan Kearney left the group following a restructure of the manager selection team, which now features Aberdeen and Swip staff.

An Aberdeen Asset Management spokesperson said: “The acquisition of companies and integrating of businesses and teams typically raises queries.

“The combined resources of Aberdeen and Swip’s multi-manager teams together with strengthened asset allocation and strategy resources means we are well placed to deliver investment solutions for our clients via our multi-manager fund range.”