Standard & Poor's (S&P) Fund Services has expanded its Australian research team, with the establishment of a dedicated out-of-cycle ratings capability.
"The new out-of-cycle team has been established to meet the increasing demand from managers to rate new, or new to Australia, products outside Standard & Poor's usual peer-group review schedule," S&P said.
Like other ratings houses, S&P rates different asset classes at set times throughout the year.
"There is an increasing demand by managers to have new products rated out-of-cycle, so they can get these to market more quickly, particularly as more products with shorter life cycles are introduced," an S&P spokesperson said.
"By introducing an out-of-cycle team, S&P can respond to those requests promptly and get products rated more quickly and efficiently."
Westpac Private Bank senior product manager Graham Fox has been appointed out-of-cycle director and head, and will also be responsible for the multi-sector space.
Reporting to S&P Fund Services research head Leanne Milton, Fox will be joined by existing S&P fund analysts who will be assigned roles within the out-of-cycle team.
"We are delighted to have attracted a finance professional of Graham's calibre," S&P Fund Services head Mark Hoven said.
"Apart from the great insight he brings to product strategy and manufacturing, he is well-suited to his new role handling out-of-cycle fund rating requests, as these products are by nature leading-edge and new to Australia and must be assessed in a very short timeframe."
