In a communication issued yesterday, SQM Research announced it had changed its rating for the fund from 4.0 stars back to the pre-April rating of 4.25 stars, off the back of recruitment activity within AMP Capital’s global investment teams.
“The rating upgrade is a result of new appointments to the Global Property Securities team over the last month, as well as the relocation and promotion of existing staff,” the statement said, pointing to personnel changes that include the appointment of North American portfolio manager Matthew Hodgkins to the London-based role of head of European listed real estate, and recruitment of Ryan Watson and Jamie O’Donnell to the London team.
“SQM Research is pleased to see AMP Capital’s commitment to the Global REIT Strategy, with the three additional hires covering for all the departed staff over the course of the year,” said SQM Research.
“In addition to this, AMP Capital has advised that there have been changes to the investment team’s remuneration structure.
“SQM Research also continues to be impressed by the Fund’s investment team and process. SQM Research believes the new additions and promotions will continue to support the Fund’s effective operating structure, going forward.”
The property-focused ratings house downgraded the fund in April in direct response to “budget cuts incorporated throughout the broader AMP Capital organisation” and a number of subsequent personnel departures.
At that time, Zenith Investment Partners analyst Jonathan Baird told InvestorDaily that Zenith was also placing the AMP Capital Global Property Securities Fund under review as a result of the changes.
