Moody’s has upgraded Sorgente SGR, rewarding the company for its demonstrated management ability. The Rating Agency has in fact raised the “Investment Manager Quality” evaluation of Sorgente SGR, now declared at MQ2 from its previous rating of MQ3.
This decision was based on the positive aspects which have emerged in the previous 3 years, during which the total assets under management have increased nearly 50%.
Moody’s has identified three specific strengths. First of all, the successful performance history of the Michelangelo real estate fund. Secondly, Sorgente SGR has demonstrated the ability to increase and diversify its investor base, whilst at the same time retaining its existing investors. Finally, Sorgente has continuously implemented addtional management controls as part of its risk management and investment process, as well as a significant ability to identify opportunities amongst trophy real estate assets.
“Since our initial rating, Sorgente has reinforced investment infrastructure and risk management practices” says Michael Eberhardt, Moody’s lead analyst for Sorgente. Additionally, “key man risk has been addressed by a broadening of the investment team while accountability throughout the investment lifecycle is more clearly defined with internal and external parties ensuring high service levels of independence.”
(Rome, March 8th 2011)
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