It’s business as usual at Investors Mutual Limited (IML), according to investment manager Tony Richard-Preston, who says that the two IML funds downgraded in February now have a recommended rating by Lonsec.
The funds that were reviewed following the departure of portfolio manager Paul Frost and equities analyst Shaun O’Malley, included the IML Australian Share Fund and the IML Industrial Share Fund.
Zenith responded at the time by removing the funds from its recommended list and assigning the funds an approved rating, something that Richard-Preston confirms has not changed.
Lonsec responded to the staff changes in February by putting the IML funds on watch.
Preston said that as part of their standard review of the Australian equity sector, Van Eyk and S&P will also be reviewing both funds over the next few weeks.
“The reality is the changes made have actually bolstered the skill and depth of out investment teams, for both large and small cap funds,” said Richard-Preston.
“Simply, we’re a boutique manager and certainly my view is that boutiques should to be nimble and dynamic organisations”.
IML also launched two new funds in January 2008, the IML Institutional Series, which according to Richard-Preston, are still the first pooled trust funds in Australia targeted at tax rates.
Richard-Preston said that IML’s focus going forward will be to start actively promoting these new funds.
“The new IML funds are at the cutting edge of after tax investing in the Australian market and the pooled investor targeted tax rate funds for the Australian industry,” he said.
Some of the features of the new funds include low portfolio turnover and less ongoing realised capital gains, as well as participation in strategies that are profitable to superannuation investors on an after tax basis.
