We have decided to remove the GS India Equity Portfolio from our Academy of Funds, and to amend our rating of the Jupiter Merlin range of funds from AAA to AA. GS India Equity Portfolio's AA rating was suspended when the manager took the decision in April to depart Goldman Sachs to pursue other opportunities. We have since then had a meeting with the new manager, Hiren Dasani, to discuss his plans for the fund. Whilst we are not expecting the process or approach to change materially as Mr Dasani had been working with the previous manager since the fund's launch, his responsibilities have increased as he is now both co-manager of the Emerging Markets Equity Portfolio and co-head of the Emerging Markets team. As such, we feel more prudent to allow Mr Dasani time to settle in to his new role and to make sure he has the support that he needs around him. We will of course continue to follow the fund.

Following our ongoing analysis into the multi-asset fund sectors, Square Mile has taken the decision to lower the ratings of the Jupiter Merlin range of funds, by moving them from AAA to AA. The funds affected are Jupiter Merlin Income Portfolio, Jupiter Merlin Balanced Portfolio and Jupiter Merlin Growth Portfolio. We retain conviction in these strategies and continue to hold the team in high regard but within the increasingly competitive multi-asset space, the range, in our view, has become less compelling when considered on a value for money basis.