"CFS maintains an above average level of resourcing in small caps and there's a good deal of experience with incumbent senior analysts Tim Canham and Wik Farwerck, who've both been part of the team for a number of years," S&P fund analyst James Gunn said.
"However, Bhuyan provided continuity to the management of these strategies (Future Leaders and Developing Companies) as lead portfolio manager since November 2005.
"S&P will be assessing this change as part of our current small-cap sector review and we will be seeking to resolve the on hold status of affected funds in the process."
CFS has also announced a number of role changes within the broader team, which follows the resignation of head of research Greg Galton due to family reasons.
Bhuyan will be taking over portfolio management responsibilities for the Australian Share Fund from head of equities Marcus Fanning.
This transition will take place over the coming months, with Bhuyan assuming full responsibility for the fund from 1 July.
In addition, senior analyst Alan Martin will be moving across to the small-caps team, but will maintain his large-cap responsibilities for the resources sector.
