After a career of over 40 years, it was announced today that veteran fixed income investor Ian Spreadbury will be retiring at the end of the year. Mr Spreadbury's careful management of these funds has led to a AAA rating in the Academy of Funds for his Moneybuilder Income fund, Extra Income fund and Strategic Bond fund.

Sajiv Vaid, current co-manager on the Moneybuilder Income and Extra Income funds, will move to a lead manager role on these funds, whilst Kris Atkinson and Peter Khan will become co-managers of the two funds respectively. The Strategic Bond fund already has two managers named alongside Ian Spreadbury, Tim Foster and Claudio Ferrarese, and these two will become co lead-managers on the fund.

Given the above changes, we have taken the decision to suspend the ratings on the Moneybuilder Income and Extra Income funds. Whilst we believe that succession planning has been strong, we prefer to give the new managers a few months to adapt to the changes. We have, for the time being, removed the rating on the Strategic Bond fund and will seek to better get to know the managers of that fund, and understand any potential changes to the way they work, over the coming months.

We would like to take this opportunity to acknowledge the contribution that Mr Spreadbury has made to the industry over his career. His manner of investing, the way that he has taught and mentored others, and above all his careful stewardship of his funds and genuine concern for the interests of his investors have been a model to many others and helped set the standards for the industry. We wish Mr Spreadbury a long and happy retirement.