Following an extensive and successful career, the Schroder Tokyo fund's longstanding manager, Andrew Rose, will be retiring in June 2019. Upon his departure, Mr Rose will be handing over the management of the fund to Masaki Taketsume. Based in London, Mr Taketsume joined Schroders in 2007 and has been working closely with Mr Rose in recent years, as he has transitioned from an analyst into a fund manager role.

Our conviction in this fund's rating was predominantly based on the investment experience of Mr Rose and the process which he has built over the course of his career. Although we acknowledge that Mr Taketsume has been working with Mr Rose in recent years, his fund management capabilities are yet to be tested independently, in what is a complex and challenging market. Therefore, we feel that it is appropriate to remove the fund's A rating, though we will continue to monitor its progress under Mr Taketsume's management.

We would like to take this opportunity to acknowledge the contribution that Mr Rose has made to the industry over his career and to wish him a long and very happy retirement.