Morningstar has placed six BNP Paribas Investment Partners (BNPP IP) Dividend and Parvest funds under review, following the group’s restructuring of it’s High Yield team, which resulted in the departure of Wouter Weijand, global head High Income Equity at BNPP IP.
BNPP IP announced on Monday that it will restructure its Global and European High Income Equity Fund range, with the portfolio management of global strategies being moved from Amsterdam to London, while the European portfolios will be managed in Paris.
Weijand announced his resignation as a result of the decision, he has been with BNPP IP and its predecessors ABN Amro Asset Management and Fortis Investments for 26 years, since 2003 as head of High Income Equity Strategies.
The funds affected are BNP Paribas Asia Pacific High Income Equity Classic, BNP Paribas Global High Income Equity Classic, BNP Paribas High Income Equity Classic Unhedged, BNP Paribas Europe Dividende, Parvest Equity High Dividend Europe and BNP Paribas Premium Global Dividend Classic.
“Because of Wouter Weijand’s central role in the investment team managing BNPP IP’s dividend funds and due to the organisational changes, Morningstar has placed the BNPP IP and Parvest funds under review”, explains Jeffrey Schumacher, fund analyst at Morningstar.