The rating expires on 08 December 2022
Agusto & Co. hereby affirms the A-(IM) rating assigned to United Capital Asset Management Limited (‘UCAML’ or ‘the Manager’). The rating is upheld by the Manager’s established process for investment decision making, experienced decision-making committees and an operational track record of over 20 years in the asset management industry. However, the rating is constrained by the inability of UCAML to retain talents at the senior level, limited research capabilities and frequent changes of the head of risk management; which in our view impedes consistency in the risk management approach. We have also taken into consideration the weak macroeconomic environment and its potential to heighten business and investment risk.
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