Square Mile Investment Consulting & Research has suspended its A rating on the AXA Distribution fund following the departure of lead manager, Richard Marwood.

We are reassured that management of the fund has passed over to team head, Jim Stride, who will be responsible for asset allocation. Jamie Forbes-Wilson has been named co-manager and will run the UK equity component of the portfolio. However, Mr Forbes-Wilson is unfamiliar to us, therefore we have taken the steps to suspend the rating until we have had the opportunity to meet him and Mr Stride to discuss the fund's structure going forward.