Rating Release

Agusto & Co. hereby affirms the A+(IM) rating assigned to First Asset Management Limited

The rating expires on 22 December 2026

Agusto & Co. hereby affirms the ‘A+(IM)’ rating assigned to First Asset Management Limited (‘FirstAsset’ or ‘the Manager’). The rating is upheld by FirstAsset’s good operational track and membership of an established financial services group. The rating also reflects the Manager’s improved governance structure, well experienced decision-making committees and long-serving employees at the senior level. However, while we view positively the establishment of dedicated risk management and compliance functions and other core teams, Agusto & Co. would like to see some degree of stability in the execution and oversight of operational risk management given the disruptions brought on by internal corporate reorganisations in the last two years. We have also considered the potential impact of declining interest rates on fund performance, as reflected in the underperformance of five of the Manager’s eight collective investment schemes relative to their year-to-date benchmarks as at 31 October 2025.