We have taken the decision to downgrade the Invesco Perpetual Global Financial Capital fund from a AA to an A rating in the Square Mile Academy of Funds following Paul Causer, the fund's co-manager and co-Head of Fixed Interest at Invesco Perpetual, recently stepping down from his formal management responsibility on the fund.

We retain conviction in the fund's now sole manager, financials expert Julien Eberhardt, as well as the fund's unchanged process and the fact that it will continue to benefit from the collegiate environment within the wider fixed interest team at Invesco Perpetual. However, we believe it prudent to reduce the rating in view of the formal management change on the fund, and reflecting Mr Eberhardt's relatively short track record in managing this type of fund.