Following on from the announcement that there will be significant changes in the management of the Jupiter European and JGF Jupiter European Growth funds later in the year, we are of the opinion that there is now less clarity in terms of the time line of this process. The incoming fund manager Mark Nichols, is due to join Jupiter Asset Management this summer and subject to regulatory approval, he will be taking charge of the two funds around the second half of this year.

Following some changes to the fund's management team, we have decided to suspend the AA rating of the Majedie UK Equity fund. Matthew Smith has stepped away from the fund to focus solely on the Majedie Tortoise fund, which he also manages, and will be replaced by Imran Sattar, who joined Majedie in June 2018 as a co-manager of the Majedie UK Focus fund.

We are pleased to introduce the Comgest Growth Japan fund into the Academy of Funds with an A rating and also the Legg Mason IF RARE Global Infrastructure Income fund with a AA rating.

The Comgest Growth Japan fund is managed by Chantana Ward and Richard Kaye and is focused on delivering long-term capital growth by investing in high quality and growing Japanese companies. We hold the managers and their process in high regard and believe this to be an attractive offering for those investors looking to make a long-term allocation to Japanese equities.

In light of the proposed merger of the Standard Life UK Real Estate Fund into the Aberdeen UK Property Fund we have taken the decision to suspend our recommendation of the Standard Life UK Real Estate Fund. It is anticipated this merger will take place on 15th June, assuming the proposal to merge is approved at the Standard Life Investments Feeder Fund's EGM scheduled in May. If approved, the larger combined fund will be managed by George Shaw, current manager of the Standard Life UK Real Estate fund, for whom we have a high regard. We will review the newly merged fund following the completion of this process.

We have decided to remove the Positive Prospect rating on the Kames Diversified Growth fund. Since the fund was introduced into the Academy of Funds our conviction in the managers' being able to meet their challenging performance objective, on what is a flexible mandate, has not grown. Personnel changes over recent years within the multi-asset team as well as the wider fixed income team are also contributing factors in our decision.

Following the news that the Guernsey stock exchange (TISE) has suspended the dealing in several companies held within the LF Woodford Equity Income fund, we have decided to suspend our AAA rating whilst we seek further clarity from Woodford Investment Management on the situation. Woodford IM are being open and transparent about the situation and we hope to be able to provide investors with more information shortly.

Following the announcement that Anis Lahlou-Abid, co-manager of the JPM Europe Dynamic (ex UK) fund will be departing the firm, we have not made any changes to our AA rating of the fund.

Following the news that Alex Wright, co-manager of the Fidelity UK Smaller Companies fund, will be stepping away from managing the strategy and passing on full responsibility to fellow co-manager, Jonathan Winton, we have reduced the fund's AA rating to A, within our Academy of Funds.

Following the announcement that Mark Nichols is set to join Jupiter's European Growth team as a fund manager by way of succession planning for Alexander Darwall, long serving manager of the Jupiter European and JGF - Jupiter European Growth funds, we have decided to retain our AAA and AA ratings of the funds, respectively.

Mr Nichols has 18 years of European equities experience and he leaves his current position as co-manager of the (Columbia) Threadneedle European Select fund in early April 2019. He is due to arrive at Jupiter in the summer of 2019, where there will be a transition period before he takes over the management of both funds from Mr Darwall.

Following the announcement that co-manager of the (Columbia) Threadneedle European Select fund, Mark Nichols, is departing the firm, we have taken the decision to suspend our AA rating. Fellow co-manager, Dave Dudding, remains in situ and will be joined by Benjamin Moore as co-manager. Mr Moore is a current member of the firm's European equities investment team and does have some experience of managing money.