Rating Release

Agusto & Co. hereby upgrades the rating assigned to Cordros Asset Management Limited (“CAML” or “the Manager”) to A-(IM).

The rating expires on 31 December 2026.

Agusto & Co. hereby upgrades the rating of Cordros Asset Management Limited (“CAML” or “the Manager”) to ‘A-(IM)’. The rating upgrade reflects improvements in the risk surveillance processes with the automation of pre-trade checks on the portfolio management software, the establishment of independent audit and control functions and the achievement of ISO information security standards. We also view positively the Manager’s experienced decision-making committees, good research output and membership of a financial services group. The rating is, however, constrained by the weak performance of CAML’s collective investment schemes and the sub-optimal board composition, with no independent director.