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Macquarie departure prompts downgrade

26 November 2017 By Mike Taylor


Key departures from the investment team within the
Macquarie Australian Small Companies Fund has resulted in a downgrading by SQM Research.

SQM announced on Friday it had downgraded the fund from four stares to 3.75 stars following what it described as “material changes to the investment team”.

“SQM Research has been informed by the Manager – Macquarie Investment Management (MIM) – of significant staff changes within Macquarie Investment Management’s Listed Equities business in Australia,” it said.

SQM then noted that Patrick Hodgens, Head of Listed Equities for Asia‐Pacific and four team members associated with the “fundamental” Australian equities business of MIM had elected to leave the business.

It said this included Matthew Fist who was a Co‐Portfolio Manager for the Fund, as was Mr Hodgens while it was understood that Justin Gray would continue in his role as a manager of the Fund.

SQM said Macquarie Investment Management was yet to disclose full details of remedial action to be taken as a result of these departures.

“The downgrade is an initial step SQM Research has taken in response to this development,” it said. “We will continue to closely monitor and assess the situation as the Manager establishes and executes its strategy.”

“The focus will be on the experience and quality of new members of the portfolio management team, portfolio structure, fund performance, and on trends in client inflows/outflows.”

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