Standard & Poor's Fund Services (S&P) has placed the Fortis Investments High Income Global Property Securities Fund on hold.
This comes after the announcement that Fortis Investment Management Australia chief investment officer (CIO) Nancy Holland will retire at the end of the year.
"In terms of a level of uncertainty and how this could impact the fund, we are taking a more cautious approach to ensure that the management of the fund continues in the appropriate manner," S&P fund services analyst Peter Ward said.
Fortis head of the Asian region Matt Hoult has been appointed CIO of global property. He is expected to transition to the role prior to Holland's departure.
"I think the reason they have put us on hold is clearly with Nancy going, they want to see what happens," Fortis Investment Management Australia chief executive Ian Manton-Hall said.
"We are going to add to the team both in the US and in Asia, [and] with Matt stepping up to take on the global role they just want to wait until we have those resources in place."
On October 6, Fortis announced BNP Paribas had acquired a 75 per cent stake in Fortis's parent Fortis Bank Belgium.
The ratings agency said the fund would remain on hold until team changes and the organisational effects of the ownership change take place.
"This is the only [Fortis] fund to be placed on hold and it is the only one that is an issue from our perspective. It is probably the coupling of the two issues that drove us to put the fund on hold," Ward said.
