Standard and Poor's (S&P) last month announced it had placed Goldman Sachs JBWere's (GSJBW) three-star-rated Australian equities funds on hold after a change in head of equities from joint head and chief investment officer Andrew Cooke to an internal candidate from the proprietary trading area, Dion Hershan.
Cooke had only been head of equities since late 2006. He replaced Tim Hannon, who moved to head up the property team. He will remain at GSJBW as CIO.
"Cooke's appointment as head of equities has proven to be an interim measure," S&P analyst Tara Bell said.
"This appointment represents the third head of equities within 12 months, which also means the existing team will need to adjust to another change in management."
