Rating Release
Agusto & Co. hereby affirms the A-(IM) rating assigned to FBNQuest Funds Limited
The rating expires on 31 December 2023.
Agusto & Co. affirms the A-(IM) rating assigned to FBNQuest Funds (‘FBNQ Funds’ or ‘the Manager’). The rating is upheld by the Manager’s good research capabilities, an extensive deal screening process, membership of an established financial services group and profitable exits from two investments in the review period. However, the rating is impaired by FBNQ Funds’ sub-optimal Board composition and the inadequate segregation of duties, with the Managing Director doubling as the Chief Investment Officer.