Rating Release

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

The rating expires on 1 December 2026.

Agusto & Co. hereby upgrades the rating assigned to FCMB Asset Management Limited (‘FCMB AML’ or ‘the Manager’) to ‘A(IM)’. The rating upgrade is upheld by the enhancements in operational risk management, including the incorporation of stress testing and more frequent risk monitoring, as well as improvements in the performance of the Manager’s collective investment schemes. The rating also reflects FCMB AML’s adequately experienced decision-making committees, good research capabilities and support from an established financial services group. However, the rating is impaired by the familial relationship on the Board and the inadequate segregation of duties, with the Chief Executive Officer (CEO) still doubling as the Chief Investment Officer (CIO).