Following a review of the Neptune range of funds within our Academy, we have taken the very difficult decision of removing the A ratings of the Neptune Global Alpha, Neptune Income and Neptune UK Mid Cap funds.

As part of our regular monitoring process we have started to become concerned over the levels of staff turnover within the firm's investment team. Following the latest changes, including the departure of fund manager and chief technology officer, Ali Unwin, the overall level of resource in the team, particularly in the technology sector, has fallen. We feel this is material given that these three funds have a sizeable level of exposure to this area of the market.

We will continue to monitor the team and broader business, but in the meantime the three funds mentioned above will be removed from the Academy.