Following the news that long-standing fund manager and strategist, Iain Stewart, is to retire in December 2019, we have suspended the AA rating of the BNY Mellon Real Return fund. The confirmation of Mr Stewart's retirement is not unexpected and Newton had been transitioning the roles and responsibilities of the Real Return team for some time. Indeed, he has not been involved in the day to day management of the fund since June 2018. However, prior to that he had been the lead manager on the strategy for many years and he continues to have a valuable input into the strategy followed by the Real Return team managing the fund. Day to day management remains the responsibility of Suzanne Hutchins, Andy Warick and Aron Pataki and there is no change in this regard. We will look to arrange an early meeting with the managers of the fund and with members of the broader strategy team at Newton to reassess the capability and support for the team in light of Mr Stewart's upcoming retirement.