TPT mortgage funds hit by ratings withdrawal
In a move with echoes of the situation surrounding mortgage funds during the global financial crisis (GFC), research and ratings house SQM Research has withdrawn the ratings of three mortgage funds managed by TPT Wealth.
SQM has confirmed its action to withdraw the ratings of the three funds due to inadequate disclosure of fund information.
The three funds affected by the withdrawal are the TPT Fixed Term, TPT Long Term and TPT Select Mortgage.
SQM Research said the rating action followed the failure of the manager to provide adequately detailed fund information, as required, despite multiple requests fro, the ratings house.
It said that the ratings status of the funds is now “withdrawn” meaning that a rating no longer applies because significant issues have arisen since the last report date meaning investors should consider avoiding or redeeming units in the fund.
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