We have taken the decision to remove the 7IM AAP and multi-manager ranges from Square Mile's Academy of funds. Over time our conviction in 7IM's asset allocation capability has waned following the departure of some senior members of the investment team. This has also coincided with a period of weaker performance. More recently, there have been changes to the investment sub-teams to allow a greater level of responsibility and accountability across the various investment disciplines, including asset allocation and investment selection. However, compared to competitors we feel the current team responsible for asset allocation decisions lacks sufficient strength and depth. Additionally, we also believe that the funds no longer represent what we would consider good value for money in what has become an increasingly competitive market over the last few years.