After an extensive and successful career, this fund’s longstanding manager, Paul Spencer, will be retiring in September 2020. In preparation for his departure, he will be handing over the management of the Franklin UK Mid Cap fund to Richard Bullas on 30th June 2020. Mr Bullas is lead manager of the Franklin UK Smaller Companies fund and has worked as part of the Franklin UK Small and Mid Cap team since January 2000.

Following this announcement, we have decided to remove the fund’s A rating, as although we acknowledge Mr Bullas’ experience of running UK small cap strategies, we believe Mr Spencer to be integral to the fund’s rating. Once the changes in manager have had time to settle, we will revisit the fund and the broader team.

We would like to take this opportunity to recognise Mr Spencer’s contribution to the industry and wish him a long and happy retirement from September.