Following the announcement that Mike Amey, portfolio manager on the PIMCO Select UK Income Bond and PIMCO Global LIBOR Plus Bond funds is to retire in June, we have removed our rating on the former and suspended our rating on the latter.

Mr Amey has managed the PIMCO Select UK Income Bond fund since its inception and our conviction around this strategy is largely based on him as a manager. We have therefore removed our rating on the fund, although we hope to meet with his successor in due course and will continue to monitor the strategy.

Whilst Mr Amey is one of three named managers on the PIMCO Global LIBOR Plus Bond fund, he is the only one currently based in London and we feel it prudent to suspend the rating on this fund until we have had a chance to meet with the team and hear their future plans.

We would like to take this opportunity to thank Mr Amey for the significant contribution he has made to the industry over the years, and wish him much happiness for his retirement.