Rating Release

Agusto & Co. hereby upgrades the rating of Norrenberger Investment and Capital Management Limited to BBB(IM).

The rating expires on 6 September 2024.

Agusto & Co. hereby upgrades the rating of Norrenberger Investment and Capital Management Limited (‘NICML’ or ‘the Manager’) to BBB(IM). The rating upgrade reflects the Manager’s growing presence in the asset management industry, streamlined focus on fund and portfolio management activities, enhancements in the tools for risk surveillance and stability within its core teams. The rating also reflects NICML’s good research process and adequately experienced decision-making committees. We have also taken into consideration, the Manager’s membership of a growing and diversified financial services group. However, the rating is constrained by NICML’s insufficient adherence to credit risk guidelines, a manual client onboarding process and weak performance of two of three collective investment schemes. Agusto & Co has also taken into consideration the growing uncertainty in the macroeconomic environment, which has the potential to heighten investment and business risks.