Following the announcement that lead manager, Nick Clay, and his supporting team will be departing BNY Mellon in the coming months, we have decided to remove our A rating of the BNY Mellon Global Income fund.

Mr Clay and his team will continue to manage the fund for the time being, whilst the firm transition management of the strategy to a new Global Equity Income team. The new team will be headed by Ilga Haubelt with direct support provided by co-lead portfolio managers Robert Hay, Paul Flood and Jon Bell. In time, we will be meeting with the new team to discuss their approach and to gain further clarity around the timeline of the transition.

However, ultimately we feel that Mr Clay is key to the success of this strategy and we feel the most appropriate course of action at this point is to remove the fund's rating.