(18th November 2003 – Australia) Ratings agency Standard & Poor’s has affirmed its ratings for Colonial First State despite a spate of senior management departures at the funds management group.The most recent of these was head of Australian Equities GDP Plus, Ian Harding, who announced he was stepping back from full time funds management and that Simon Shields would take over his role in January 2004.
S&P said it regarded the appointment of Shields as a “logical and positive” step.
It said Shields had more than 14 years of funds management experience and that his appointment represented a smooth succession of responsibilities.