Following the news of the sudden departure of Philip Rodrigs, manager of the R&M UK Equity Smaller Companies fund, we have taken the decision to remove the fund's AA rating with immediate effect. We remain in close dialogue with the group and will seek to meet with the new management team to discuss the strategy in the coming weeks.

This announcement does not impact our ratings or conviction in the R&M UK Equity High Alpha, R&M UK Equity Income, R&M UK Equity Long Term Recovery and R&M World Recovery funds.