Following the announcement that Nigel Thomas, manager of the AXA Framlington UK Select Opportunities fund is due to retire in March 2019, long-standing team member, Chris St John, will assume responsibility for the management of this fund on 31st December 2018. 

We view this as a sensible appointment and as the incumbent manager remains at the helm of the fund, we will therefore not be changing our AAA rating at present. We hold Mr St John in high regard, as reflected by our A rating on the AXA Framlington UK Mid Cap fund, a strategy which he manages. Over the coming months we will be meeting with both managers to discuss the transition and shall provide an update should any future action be taken.