Following the news that Matthew Brown has relinquished his co-manager role on the Newton Multi-Asset Balanced fund to join the Real Return team on a full-time basis we have removed the rating. Newton first announced changes to the management of the Multi-Asset Balanced fund in November 2017. These included, long standing co-manager Iain Stewart relinquishing responsibilities for the fund to focus his time exclusively on the Real Return strategies, as well as Charles French becoming co-manager alongside Simon Nichols. Following these initial changes we took the decision to maintain the rating based on the fact that Mr Brown would continue to bring continuity to the fund's management. Another factor in our decision to maintaining the rating was that, Mr Brown, in his dual role on the Real Return and multi-asset teams, would continue to draw significant influence from the ideas of the Real Return team. The diluting of this link has led to our conviction in the fund waning. We plan to meet with Newton to review these further personnel changes and assess the impact on the fund going forward.