Allianz Global Investors have announced the appointment of Mike Riddell as UK Fixed Income Portfolio Manager. This will have an impact on one of the funds which we rate. The Allianz Gilt Yield fund, rated A by Square Mile, is currently managed by Mike Amey at PIMCO, a subsidiary of Allianz Global Investors. As of 30th November 2015 the management of this fund will be moved from Mr Amey and his team at PIMCO to be brought back in house at Allianz under the guidance of the newly appointed Mr Riddell. We will meet Mr Riddell shortly and assess the impact of this change, but in the meantime we expect Mr Amey to continue to manage the mandate in the same way in which he has always done. Investors should be aware, however, that there may be changes ahead for this fund.