Rating Release

Agusto & Co. hereby upgrades the rating of United Capital Asset Management Limited to A(IM)

The rating expires on 31 December 2023.

Agusto & Co. hereby upgrades the rating of United Capital Asset Management Limited (‘UCAML’ or ‘the Manager’) to A(IM). The rating reflects the Manager’s improved documentation of risk management policies and deliberate efforts to minimise maturity mismatches in its managed portfolios. The rating is also upheld by UCAML’s experienced decision-making committees, operational track of over 20 years in the asset management industry and good use of technology in minimising exposure to operational risk.

However, the rating is constrained by the frequent changes in the composition and leadership of the research team which we believe might impair the decision making process of the Manager. We have also taken into consideration the weak macroeconomic environment, which has the potential to heighten investment and operational risks.