In response to the recent announcement that fund managers, Paul Marriage and John Warren, are due to leave Schroders later this year, Square Mile took the initial decision of suspending the AAA rating on the Schroder UK Dynamic Smaller Companies fund.

We acknowledge that there will be a period of transition from the existing incumbents to a new manager(s), and that Schroders has a highly capable investment team, but our conviction was built on the philosophy, process, experience and success of Mr Marriage and Mr Warren.

Therefore, having considered the potential implications for investors around this change, and through careful deliberation across the Square Mile team, we have taken the decision to remove the fund's rating with immediate affect.