We are removing Square Mile's AA rating of the Newton Asian Income fund following the group's announcement today of the departure of Jason Pidcock. We have a high regard for Newton's global thematic investment framework and the idea generation that come from the in-house team of analysts. However, Mr Pidcock was a member of Newton's Asia Pacific team and he was instrumental in the establishment of the Asian Income fund, for which he had been lead manager since the fund's launch in 2005.

Newton does have depth in its Asian desk and we will look to have a meeting with the group. Its Emerging and Asian Equity teams have now been combined under the leadership of Rob Marshall-Lee. As a consequence of the restructure, the Newton Asian Income fund will move to a more team-based investment management approach which will be overseen by Mr Marshall-Lee.