Rating Release

Agusto & Co. hereby affirms the A-(IM) rating assigned to FCMB Asset Management Limited (“FCMB AML” or “the Manager”).

The rating expires on 31 December 2024.

Agusto & Co. hereby affirms the A-(IM) rating assigned to FCMB Asset Management Limited (“FCMB AML” or “the Manager”). The rating is upheld by the Manager’s qualified and experienced decision-making committees, good quality research and investment risk management, which is upheld by support from the FCMB Group. The rating also reflects FCMB AML’s good operational track record of 25 years in the asset management industry. However, the rating is constrained by the frequent changes in the composition of key teams, inadequate segregation of duties, with the Chief Executive Officer (CEO) doubling as the Chief Investment Officer (CIO), familial relationships on the Board and weak performance of its public collective investment schemes. We have also considered the weak macroeconomic environment, which has the potential to heighten investment and business risks.