Rating Release

Agusto & Co. hereby upgrades the rating of AVA Global Asset Managers Limited to BBB(IM)

The rating expires on 8 March 2024.

Agusto & Co. hereby upgrades the rating of AVA Global Asset Managers Limited (‘AVA GAM’ or ‘the Manager’) to BBB(IM). The rating upgrade reflects AVA GAM’s growing presence in the asset management industry, stricter adherence to its internal investment guidelines, and improvements to its risk management framework through the automation of pre-trade checks in the review period. The rating also reflects AVA GAM’s experienced decision-making committees and adequate segregation of duties. However, the rating remains constrained by the absence of an independent member on the Board and frequent changes across senior positions within AVA GAM which in our view could weaken the implementation of strategy and hinder consistency in processes. Agusto & Co has also taken into consideration the weak macroeconomic environment and the expected changes in state governments in the current year which could potentially impair growth in the Manager’s public sector portfolio.