Columbia Threadneedle has announced that Richard Colwell has been named sole lead manager on the Threadneedle UK Equity Income fund with effect from October 1 2015. Mr Colwell had previously been co-manager with head of UK equities, Leigh Harrison, from September 2010. Mr Harrison is now the fund's deputy manager and the pair will continue their close working relationship as co-managers of the Threadneedle UK Equity Alpha Income fund. We do not see the change to the management structure of this fund as material - Mr Colwell had effectively been managing the fund on a day-to-day basis for some time. Consequently, Square Mile sees no reason to change the fund's AA rating.