Research house Standard and Poor's (S&P) has downgraded the Goldman Sachs JBWere Australian Equities Fund to two stars from three.
The ratings agency said the fund manager's new head of equities, Dion Hershan, had minimal experience in Australian equities funds management relative to his competitors.
"[Hershan has] not managed a team of more than two people . as a fund manager, he is largely untested and he faces the immediate challenge of turning around an underperforming portfolio," S&P fund analyst Tara Bell said.
The hire represents the third head of equities within less than 12 months.
