The change in ratings comes on the back of a letter from the board of 452 Capital advising that its management team intended on resigning.
The 452 Capital management team includes joint investment directors Suellen Morgan and Mary Feros, the portfolio managers for the funds, and chief executive Lyndsey Hancock.
"We consider the significance of these personnel developments and the uncertainty regarding the future of 452 Capital to be sufficient to warrant sell ratings," S&P analyst James Gunn said.
Morningstar has put the 452 Capital Australian Shares fund on hold following the management announcement.
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