Over recent years the landscape for multi asset investing has changed - the introduction of Multi Asset Income and Risk Targeted funds for example, has brought generally lower cost and more outcome orientated products to the market which directly compete with more traditionally managed funds and funds of funds. With competition for viable solutions ever increasing, we view the decision of John Chatfeild-Roberts to pass on his CIO responsibilities to Stephen Pearson, thus allowing him to focus solely on the Merlin fund range, as a positive. Together with Algy Smith-Maxwell, Mr Chatfeild-Roberts, in our view, has built one of the strongest funds of funds propositions available in the UK market place and we continue to support the team's Income, Balanced and Growth funds with AAA ratings.