Rating Release

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

The rating expires on 26 December 2024.

Agusto & Co. hereby upgrades the rating assigned to First Ally Asset Management Limited (“FAAM” or “the Manager”) to A-(IM). The rating upgrade reflects the Manager’s improved organisational structure with the separation of the internal audit and risk management functions as well as capacity enhancements across key units. The rating is also upheld by the well-documented manuals and policies and a good risk monitoring tool. Nonetheless, the rating is constrained by the frequent changes in the composition of key teams, which has the potential to disrupt FAAM’s operations. We have also considered the impact of the volatile macroeconomic environment that has the potential to heighten business and investment risks.