We are pleased to reinstate our "A" rating for the Invesco Asian fund. Having now met this fund's management team, it has reinforced our confidence in William Lam and his ongoing role on the fund.

Mr Lam co-heads Invesco's newly combined Asian and Emerging Markets Equity team with Ian Hargreaves, who similar to Mr Lam, is an experienced investor and a senior manager within the Asian Equities team.

This recent appointment for the pair came about as the former head of the Asian Equities team, Stuart Parks, will be retiring in July 2019. Whilst the impending departure of Mr Parks is a change for the team, given his lengthy experience of the region and company knowledge, the incumbents includes a number of experienced managers. The team's focus will continue to be on the Asian region, which represents the largest part of their investible universe.

Mr Lam has some additional management responsibilities but we hold him in high regard and believe him to be a very capable investor. There will be no change to the running of this fund and Mr Lam will continue to be directly responsible for it.