Following the news that William Lam is to become sole portfolio manager for the Invesco Perpetual Asian fund, Square Mile has decided to downgrade the fund from a AA to an A Rating. The rating change is a reflection of the high level of experience and regard in which we hold Mr Parks, who was previously lead manager of the fund, having followed him for many years. We do not have any concerns about the new manager, the investment team or the long-standing process and believe Mr Lam to be a natural successor to Mr Parks. However, we are mindful of the differential in experience between the two and therefore our rating has been amended to reflect this.