Standard & Poor's Fund Services (S&P) has placed the Advance Asian Equity W fund on hold following significant departures from the Lion Global Investors' (LGI) Asia-Pacific equities team.
Five people have left the team, including head of Asia-Pacific equities Janet Liem and the fund's portfolio manager Tan Jenn Yee, representing nearly one-third of the investment team.
"LGI previously experienced significant turnover between 2005 and 2008, following the merger of OCBC Asset Management and Straits Lion Asset Management," S&P said.
"We are disappointed to see the reoccurrence of an elevated level of turnover. The departures follow a period of substantially below-benchmark performance."
Jan de Bruijn has replaced Liem as head of Asia-Pacific equities and will also assume responsibility for the team's flagship regional portfolios, including the fund which has been placed on hold.
Lim Fang Suan is now the nominated back-up manager. Lim has been with Singapore-based LGI for four years.
"We are formally reviewing the sector in September, when we will meet with the new members of the team and seek to resolve the 'on hold' status as part of our sector review.
S&P said it has placed both the wholesale and retail versions of the Advance Asian Equity fund on hold.
