Rating Release

Agusto & Co. hereby affirms the ‘A+(IM)’ rating assigned to FBNQuest Asset Management Limited (“FBNQuest AML” or “the Manager”).

The rating expires on 31 December 2024.

Agusto & Co. hereby affirms the ‘A+(IM)’ rating assigned to FBNQuest Asset Management Limited (“FBNQuest AML” or “the Manager”). The rating is upheld by the Manager’s good operational track record in the asset management industry, membership of an established financial services group, well-composed and experienced decision-making committees and qualified and long-serving employees at the senior level. The rating is, however, impaired by a sub-optimal board composition, with no independent member or non-executive director outside of the FBNQuest group. We have also taken into consideration the impact of the weak macroeconomic environment and its potential to heighten investment and operational risks.